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George Soros to stake on cryptocurrency

Industry News

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In January 2018 George Soros called Bitcoin a bubble, highlighting the first cryptocurrency brought no real value. That was a hard period for the crypto market, following a descending trend.

Nothing lasts forever. On October 6, 2021, George Soros Fund sold stocks to enter the crypto market. According to Dawn Fitzpatrick, the fund’s chief investment officer, stocks helped the fund earn $5 billion within short terms; meanwhile, it’s time to follow new trends.

“I’m not sure bitcoin is understood only as an inflation hedge here. It’s crossed the chasm to the mainstream,” Fitzpatrick comments on the endorsement.

The fund doesn’t disclose how many Bitcoins are purchased, but the news pushed the crypto market to new highs. The Bitcoin price has jumped by 10%, reaching $55 526, rather close to the ATH mark. The overall capitalization of the crypto market has exceeded $2.35 billion, overrunning Apple, the biggest world’s corporation.

As for George Soros himself, there are rumors that Forbes #92 has been trading cryptocurrencies for the last several months. The crypto market is getting enough power to convince even the most vocal opponents of this economic innovation that digital assets and the future are synonyms.

The list of the top-3 corporate Bitcoin holders remains without changes: MicroStrategy (114 042 BTC), Tesla (38 300 BTC), and Galaxy Digital Holdings (14 932 BTC).

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