Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Speculator meets speculation: George Soros’ Investment Fund Has Reportedly Started Trading Bitcoin

Speculator meets speculation: George Soros’ Investment Fund Has Reportedly Started Trading Bitcoin

The investment fund of billionaire George Soros, otherwise known as the man who “broke the Bank of England,” has reportedly started trading Bitcoin.
Speculation that the storied investor’s firm has waded into cryptocurrencies stemmed from a report on TheStreet.com, citing two sources who said Soros Fund Management’s chief investment officer Dawn Fitzpatrick had given “the internal green light to actively trade Bitcoin.” The firm is also looking at other digital currencies, the report said.

Fitzpatrick told Bloomberg in a March interview that the company had been investing in cryptocurrency infrastructure companies—exchanges, asset managers and custodians. She said it was a “really important moment in time” for cryptos and Bitcoin could have stayed a “fringe asset,” except for the fact money supply had surged by over 25% in the last 12 months.

“So there’s a real fear of debasing of fiat currencies, and when you think about Bitcoin, I don’t think it’s a currency, I think it’s a commodity and it’s a commodity that’s easily storable, it’s easily transferable, the IRS [Internal Revenue Service] classifies it as a physical asset, it has a finite amount of supply and that supply is halved every four years, so I think it’s interesting,” said Fitzpatrick.

The No. 1 cryptocurrency was trading at $33,523 on Thursday, a drop of 3%. After a strong start to the year and reaching an all-time high of around $65,000 in April, the just-finished second quarter was set to be the worst on record for both Bitcoin and Ethereum, thanks in part to a crackdown in China.

Soros Fund Management also got a green light to trade digital assets in April 2018, reported Bloomberg, which cited sources. In January of that year, Soros himself told the World Economic Forum that Bitcoin and other digital coins couldn’t function as a currency due to volatility. Bitcoin began trading that year at $13,535, and ended at $3,721.

As for what any fresh move by Soros’ firm might mean, one analyst said it was tough to interpret.


“Any big hitters in the mix is initially considered great for the adoption story, especially if it is a vehicle to reduce portfolio variance through the low correlation effect,” said Chris Weston, head of research at Melbourne-based broker Pepperstone, in emailed comments.

The report merely said the firm has “cleared to trade this,” said Weston. So “without actually knowing much about what they plan to do they could be lumping into short positions in futures—if they take a view that liquidity beneficiaries are going to take a hit as the Fed’s balance sheet starts to grow at far slower pace and the front end of the yield curve lifts, maybe being short crypto isn’t such a bad play …”

Soros became famous for heavily shorting the pound in 1992 during the Black Wednesday crisis, and ultimately forcing the Bank of England to abandon the European Exchange Rate Mechanism. He made a $1 billion profit on that move.

TheStreet.com also reported that hedge fund Point72 Asset Management was on the hunt for a “head of crypto,” citing sources. Attempts to contact both Soros Fund Management and Point72 were made by this publication.

This story is developing and will be updated.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
×