George Soros’s investment firm has entered the crypto space after mulling its entry in the past two years, Markets Insider reported.
Soros Fund Management Chief Investment Officer Dawn Fitzpatrick gave the go signal for the fund to enter the crypto space, particularly Bitcoin, in the recent weeks, according to people familiar with the matter.
Fitzpatrick in March said she viewed Bitcoin more as a commodity than a currency, and demand was driven by the debasing of fiat currencies. The firm has been looking at investing in cryptos since 2018 and has since poured in money on crypto infrastructure.
Popular tech and Bitcoin investor Anthony Pompliano took to Twitter to react, saying the entry of Soros Fund Management in the space could be positive or negative, depending on how they trade it.
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
Soros Fund Management had some $27 billion under its management as of March.