Soros Fund Management, the private investment firm of billionaire George Soros is reportedly trading Bitcoin (BTC). In addition to offering cryptocurrency services, Soros Fund Management is said to be in discussion to acquire blockchain-focused firms.
The hedge fund, Soros Fund Management has cleared its traders to actively trade bitcoin, approved by CIO Dawn Fitzpatrick.
People familiar with the matter told TheStreet that the approval comes as part of a broader exploration of digital assets. The anonymous sources said that Fitzpatrick has been exploring cryptocurrencies for some time and that the latest venture is “more than just kicking the tires” on digital assets.
Fitzpatrick is also reportedly in conversations about acquiring a private stake in leading blockchain-based enterprises even though the names of these companies weren’t provided.
Soros Fund Management was one of several firms behind the $200 million funding of New York Digital Investment Group (NYDIG) with participation from MassMutual, Morgan Stanley, and Stone Ridge Holdings Group.
It’s not entirely clear how Soros Fund Management intends to trade Bitcoin. A notable point here is that the recent investment stake in the digital asset shouldn’t necessarily be viewed as bullish given that Soros earned his reputation for shorting the British pound in 1992 and effectively ‘breaking the Bank of England.’
Fitzpatrick has spoken favorably about Bitcoin in recent months. For instance, in March, she said cryptocurrencies like BTC are at an “inflection point” that could catalyze greater adoption in the future, saying:
In January 2018, the legendary investor, George Soros called Bitcoin “a typical bubble.” In fact, he famous bought into gold in early 2010 when it was in the middle of a massive rally and then walked away before the bubble burst.