Bitcoin Is Now Accepted as A Currency in Russia

Soros Fund CEO About Bitcoin

On October 5, the chief investment officer and the CEO of Soros Fund, Dawn Fitzpatrick, joined Bloomberg to talk about inflation, the market outlook, and Bitcoin. With more than $6 billion in AUM, Soros Fund is a private investment management company in the U.S.  

At the Bloomberg Invest Global Summit, Fitzpatrick told Erik Schatzker from Bloomberg that Bitcoin is at $50,000, which seems interesting.

Fitzpatrick also revealed that the fund has some digital assets; however, it was unclear whether she referred to bitcoin. In her opinion, many people worldwide own bitcoin, which is not an inflation hedge. This was contrasting to the idea of some mainstream investors, including Paul Tudor Jones.


Details from The Interview


The Soros Fund CIO and CEO said that, in her opinion, bitcoin crossed the gap to the mainstream.

Fitzpatrick continued, adding that cryptos have become an enormous market with a market cap of more than $2 trillion. She also said that bitcoin has gone mainstream as it has more than 200 million users worldwide.

When the interviewer asked her about Soros fund’s current strategy, she said that low-interest rates with high inflation led Soros Fund to borrow against some securities. In her opinion, a market crash is rising. Fitzpatrick continued talking about her opinions about bitcoin, saying that everybody was surprised about the duration of high inflation while people supporting bitcoin did not seem surprised at all.

She added that most of this is the inflation from the supply-side, and it is not evident how monetary tools can deal with supply-side inflation. In her opinion, there is a risk that this might become self-reinforcing. In a world of high inflation, bitcoin acts as the rescue. This electronic monetary network enables anyone to transact and collect value in a currency without any possible confiscation.

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