Bitcoin Hovers Near $55,000 After Soros Fund Confirms Investment

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Created by TradeOr

3rd Party Analysis 08 Oct 2021

Key Takeaways:

  • Soros Fund Management has invested in bitcoin, confirms CEO Dawn Fitzpatrick
  • The investment firm “owns some coins… but not a lot”, says the CEO

What’s Today’s News in Crypto?

As the week is drawing to an end, market participants can conclude it’s been a very beneficial time for crypto. A week filled with positive developments after several months of dampened sentiment and elevated bearishness.

Furthermore, adding to the upbeat news surrounding bitcoin and cryptocurrencies, a Bloomberg report says George Soros has invested in Bitcoin. Or more precisely, his fund, a family office, now owns bitcoin.

George Soros, a famous investor, currency trader, and pioneer in the hedge fund industry has set his gaze on crypto. That became clear in a Bloomberg interview with Dawn Fitzpatrick, chief executive at Soros Fund Management.

Soros’ fund, Ms. Fitzpatrick confirmed, owns “some coins… but not a lot.” She also noted that Bitcoin is not regarded only as a safe haven in a high-inflation environment. “I’m not sure bitcoin is only viewed as an inflation hedge here,” Ms. Fitzpatrick said. “I think it’s crossed the chasm to mainstream.”

Dawn Fitzpatrick also explained how the crypto market is going to wider audiences with more than 200 million users. Moreover, she highlighted the growth rate at which the cryptocurrency market has been developing to reach a valuation of over $2tn.

What’s the Price of Bitcoin?

Early on Friday, the price of bitcoin hovers near $55,000 per coin. It’s been a volatile but positive week for the original cryptocurrency. Since Monday, bitcoin has gained about 15% as market optimism has been strong across the board.

Ether, the second-biggest token, is also in the green for the week, higher by roughly 5% since Monday.

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