02.03.2024

George Soros Invests in Bitcoin Out of Fear of Devaluation of Fiat Currencies

Soros Fund Management Investment Director Don Fitzpatrick said the fund is investing in the cryptocurrency industry as it sees a tipping point for Bitcoin and other cryptoassets .

When asked if she owns bitcoin, Fitzpatrick mysteriously replied that she had no intention of answering the question.

Without disclosing her personal crypto assets, the top manager of the ers spoke about her views on the cryptocurrency industry:

“We think the whole infrastructure in the crypto space is really interesting. We have invested in this infrastructure and we think that now is the turning point. I would say that everything – from asset managers of the exchange to such mundane things as tax reporting on cryptocurrency earnings and everything in between, is very interesting. «

She then went on to explain how the printing of money by the Federal Reserve is a factor in Bitcoin’s success.

“We are at a really important moment in time when something like bitcoin could have remained a minor asset. But over the past twelve months, we have increased the money supply in the United States by 25%. So there is a real fear of fiat currencies depreciating. «

According to her, bitcoin is not a currency, but a commodity that is easy to store and transfer. The IRS also classifies it as a limited supply physical asset.

Regarding the central bank’s launch of its own digital currencies (CBDCs), Fitzpatrick noted that they will appear faster than people expect. China is currently leading the CBDC race as the country has already conducted several digital yuan tests.

“There are several strategic reasons why they are going to be pioneers. I assess this from a geopolitical point of view: they want to use the currency around the world. And this is a potential threat to bitcoin and other cryptocurrencies. «

While Fitzpatrick believes CBDCs pose a threat to cryptocurrency, it will be temporary as it is impossible to permanently destabilize Bitcoin.

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