Dawn Fitzpatrick, the CIO of Soros Fund Management who said crypto was at an “inflection point” earlier this year, approved the trading of Bitcoin and possibly other cryptocurrencies.
Financial news website TheStreet reported that “people familiar with the matter” speaking on condition of anonymity, stated that Fitzpatrick and her team have been exploring crypto assets for some time. The latest venture is “more than just kicking the tires” on cryptocurrencies, it added.
Soros Fund Management is a private American investment management firm that is currently structured as a family office but formerly as a hedge fund. It is considered to be one of the most profitable firms in the U.S. with an annual return of over 20% over the past four decades.
Industry expert Anthony Pompliano suggested that it could be either positive or negative depending on how they trade it. Whales such as Soros shorting the asset and manipulating markets would not be a good outcome overall. The billionaire has a history of breaking markets by aggressively shorting them.
George Soros has given his team the green light to trade bitcoin.— Pomp 🌪 (@APompliano) June 30, 2021
This could be a positive or a negative depending on how they trade it 🙂https://t.co/fq4LsE77gx
Big Names Into Bitcoin
In March, New York Digital Investment Group (NYDIG), the firm that facilitated a $100 million Bitcoin purchase in 2020, raised $200 million from a number of big-name investors including the Soros Fund Management.
At the time, NYDIG co-founder and CEO Robert Gutmann stated that the funding round demonstrated that institutional adoption of Bitcoin was on the rise.
Fitzpatrick is also said to be in talks about purchasing private investments in prominent blockchain startups and organizations but she did not disclose further details.
Speaking to Bloomberg in March, she said “We’ve been making some investment into that infrastructure and we think that is at an inflection point”.
BTC Price Update
At the time of press, Bitcoin was trading down 1.5% on the day at $34,365 according to CoinGecko. It has been relatively flat over the past seven days, gaining just 2% to remain within its range-bound channel.
BTC has been consolidating for around six weeks now but the holding of support at $30K has boosted analyst and investor confidence. Speaking on a recent Podcast, chart guru Willy Woo stated that we are not in a bear market because long-term holders are still accumulating, adding “everything on-chain looks like it’s in recovery”.