George Soros, the founder of Soros Fund Management, has recently made a major investment in Bitcoin. Dawn Fitzpatrick, the CEO of Soros Fund Management, said that the stock price of gold had fallen by almost 5% in September because of which the fear of deterioration in the value of the US Dollar has decreased considerably. Fitzpatrick is the chief investment officer as well as the CEO of Soros Fund Management corporation. The reason behind the improvement in the value of the US Dollar is the release of the reserve currency balance sheet by the IMF.
Headquartered in New York City, Soros Management Fund acts as the primary investment advisor of the Quantum Group of Funds. The latter comprises a group of funds engaged in global investments. The corporation was established by Soros in 1970. The American investment firm makes investments in markets of fixed income and public equity, venture capital funds, private equity, commodity markets, and forex markets. The company is renowned for making significant investments in financial, retail, energy, transportation, and other industries. Soros Management Fund made a huge donation to the presidential campaign of Hilary Clinton in the election cycle of 2016through the super PACs.
As of now, Bitcoin is trading at a price exceeding $50,000. According to the CEO and CIO of the company, Bitcoin is more than just an inflation hedge in the economy. It is almost a mainstream currency now. The overall market cap of cryptocurrencies is more than$2 trillion. Dawn Fitzpatrick revealed in one of her interviews that the company does not own a lot of Bitcoin as she considers central bank digital currencies as a threat to the potential and market value of Bitcoin. However, in her opinion, the threat to the market potential of Bitcoin is only temporary. The digital currencies of the Central Bank will never succeed in destabilizing Bitcoin.
