21.10.2021

Billionaire George Soros Fund Sells Stocks and Invests in Bitcoin

The family foundation of billionaire George Soros holds bitcoin . This was confirmed by the CEO and investment director of Soros Fund Management Don Fitzpatrick in a conversation with Bloomberg on Tuesday.

“We keep some coins, not very many. By themselves, these coins are not as interesting as the DeFi use cases and other such things , ”she said.

Earlier this year, information appeared on the network that the Soros fund began investing in bitcoin, but it was not officially confirmed. The fund also owns stakes in crypto companies NYDIG and Lukka.

“I don’t know if bitcoin is considered only a defense against inflation. He crossed the border to mass distribution. Cryptocurrencies have a capitalization of more than $ 2 trillion. They are used by 200 million people worldwide, so I think they have entered the mainstream, ” Fitzpatrick continued.

At the same time, she said that after investing $ 5 billion in the stock market during the collapse in March 2020, the firm again began to build up cash reserves through the sale of shares. Nevertheless, if a new crisis hit the market, the fund would be ready to quickly allocate another $ 5 billion to buy assets.

Not all shares are eligible for sale, Fitzpatrick said. Recovery stocks are still cheap enough to buy.

“These companies have learned to do better. American consumers now have a lot of money and they need experience, not products , ”she added.

Earlier Fitzpatrick said that without the pandemic and the economic crisis, Bitcoin would remain a minor asset.

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