George Soros’ hedge fund may have just pulled the trigger on Bitcoin.
Sources at Soros Fund Management told TheStreet that their firm’s chief investment officer Dawn Fitzpatrick gave the green light on trading Bitcoin as part of a broader exploration of digital assets. Speaking on condition of anonymity, the sources said leadership at the firm has been exploring cryptocurrencies for some time and that these discussions are “more than just kicking the tires.”
Soros Fund Management traders have reportedly opened up positions in Bitcoin over the past few weeks.
Representatives for Soros Fund Management declined to comment to the publication, though the firm has indicated to media it was investing in cryptocurrency and blockchain. In a March interview with Bloomberg Television, Fitzpatrick declined to answer whether she owned any Bitcoin, but did say Soros Fund Management was investing in crypto infrastructure like exchanges and asset managers.
“There’s a real fear of debasing fiat currencies,” Fitzpatrick told the outlet. “Bitcoin, I don’t think it’s a currency, I think it’s a commodity.”
George Soros has previously expressed skepticism toward Bitcoin. Speaking before the World Economic Forum in 2018, the billionaire called cryptocurrencies a bubble which serve the interests of dictators.
“As long as you have dictatorships on the rise you will have a different ending, because the rulers in those countries will turn to Bitcoin to build a nest egg abroad,” said Soros at the time.