Soros Fund Management is growing faster with crypto because the institute is interested in investing in crypto as a hedge against inflation, as CFO Dawn Fitzpatrick noted. In our current crypto news we read more about it today.
When asked what makes crypto interesting to her, Dawn Fitzpatrick, CFO of Soros Fund Management, said, contrary to comments made a few months ago, that BTC is more than just a commodity, inflation hedge and other use cases. Fitzpatrick presented her thoughts on crypto in an interview with Bloomberg, and after Fitzpatrick mentioned Bitcoin’s return to $ 50,000, Fitzpatrick challenged one of her earlier assumptions.
“I’m not sure if Bitcoin is just seen here as a protection against inflation. I think it has crossed the precipice to become mainstream. “
Citing a crypto market cap of $ 2 trillion and a large number of users worldwide, she viewed crypto as more than just an asset class like an industry. Industry and technology explode completely:
“The coins themselves are less interesting than the use cases of DeFi and the like.”
She added that Soros Fund Management is interested in cryptocurrencies and already owns some.
The company started trading BTC a few months ago and has been keeping an eye on the space since 2018. Fitzpatrick says the organization does more than just talk about it. The view of Bitcoin is slightly different as it labels it as a commodity rather than a currency and cites the weakening of fiat currencies as the main driver of demand. Although Soros Fund Management confirmed the BTC transaction, Fitzpatrick’s comment could indicate more interest in altcoins. Some people and companies are not currently using BTC for decentralized funding as the growth of smart contracts and support for NFT is largely due to the domain of ETH and other blockchain networks.
Meanwhile, people are paying for goods, services, and work, while stablecoin is the primary medium for this. Tether currently has more than double the transaction volume of Bitcoin. Other large institutions prefer DeFi as well as parts of Western Europe and Northern Europe and more than 80% of large institutional transactions sent to DeFi logs by 2021.
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