In a new interview with Bloomberg Finance and MarketsDawn Fitzpatrick of Soros Fund Management revealed that the fund is interested in the cryptocurrency market today.
Soros Fund Management to invest in BTC?
Fitzpatrick’s words must at least be intriguing.
– We believe that all the infrastructure around cryptocurrencies is really interesting and we have made some investments in this infrastructure and we believe that this is a turning point for us. I’d say it’s all from the exchanges [firm] asset managers, trustees, mundane tax reports on cryptocurrency profits, and everything in between – she said.
She admitted that the fund’s experts are concerned about the decline in the value of national currencies, which may be an opportunity for BTC.
– We find it interesting, so when it comes to cryptocurrencies, overall I think we are at a really important moment as something like Bitcoin could remain a side asset were it not for the fact that we have increased the US money supply by 25 per cent, so there is a real fear of degrading fiat currencies – she noticed.
Then she continued to ponder the nature of BTC.
– It’s a commodity that is easy to store, easy to carry, IRS (Internal Revenue Service) classifies it as a physical asset, has a finite supply, and this one halves every four years, so I think it’s interesting – she added.
Is gold underperforming due to the cryptocurrency bubble?
The director also added that, in her opinion, the weak gold performance in recent times is probably related to Bitcoin. She noticed that “when you look at the gold price action in the context of the fairly solid inflation narrative that has emerged recently “, theoretically, the noble metal should become more expensive. Why is this not happening? In her opinion, the reason is that “Bitcoin takes back part of the buyer base ” from the bullion market.
And in fact, today BTC costs over $ 59,000, or 12 percent. more than 7 days ago. ETH is even better, for which you have to pay over $ 1,900. It’s about 21 percent. more than a week ago and 5 percent. more than yesterday. An ounce of gold costs $ 1,715.