Soros Investment Fund Is in Bitcoin Trading suggests Reports
Earlier this year, Soros Fund Management’s CIO Dan Fitzpatrick identified trades in bitcoin and other cryptocurrencies and termed them as “inflection points”.
According to a report by a Financial News website, The Street reported that Fitzpatrick and his team had been exploring crypto assets for some time and were talking about “anonymous status” people. The latest venture in cryptocurrencies is “more than stepping on tires”. said Fitzpatrick.
While Soros Fund Management is a private American investment management company now formed as a family office, but formerly also a hedge fund. The firm is considered one of the most profitable companies in the US with an annual return of 20% over the last four decades.
Anthony Pompliano, an industry expert, commented that it can be positive or negative depending on how it is traded. Whales like Soros may not be able to reduce assets and maintain markets overall. Billionaires have a history of aggressively shrinking with their holdings.
In March, the New York Digital Investment Group (NYDIG) raised $200 million from several large investors, including Soros Fund Management, the firm previously achieved $100 million in bitcoin purchases back in 2020.
Robert Gutman, co-founder, and CEO of NYDIG said round-funding has shown that institutional acceptance of bitcoin is growing.
Fitzpatrick is in talks to buy a private investment in leading blockchain startups and companies but did not disclose further details about the proceedings.
Bitcoin fell 1.5 percent to $34,365 at a news conference. It has been relatively flat over the past seven days, rising just 2% to stay in its limited channel.
Recently BTC has been consolidating for six weeks, but support at $30K has boosted analyst and investor confidence. Speaking on a recent podcast, chart guru Willy Woo said, “Long-term owners are still collecting because we’re not in the bear market,” and on-chain everything seems to be recovering while considering the long-term growth scenario.
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