July 24, 2021

Bitcoin no longer a fringe asset due to US dollar debasement, says Soros Fund exec

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Soros Fund Management chief information officer Dawn Fitzpatrick said Bitcoin (BTC) may once have been considered a fringe asset, but the inflation of the United States dollar has changed that.

Speaking to Bloomberg, Fitzpatrick said her firm — an asset management fund created by global investor George Soros — had recently begun to take an interest in Bitcoin.

“We think the whole infrastructure around crypto is really interesting, and we’ve been making some investments into that infrastructure — and we think that is at an inflection point,” said Fitzpatrick.

That inflection point is coming as a result of fiat inflation, which has seen the U.S. dollar money supply increase by 25% in the past year alone. Fitzpatrick said:

“I think when it comes to crypto generally, we’re at a really important moment in time, in that, something like Bitcoin might have stayed a fringe asset, but for the fact that, over the last 12 months, we’ve increased money supply in the U.S. by 25%.”

Soros Fund made two investments in crypto-focused projects this month alone. The first was as part of a $200 million funding round held by NYDIG, while the second was an investment in cryptoTitle: Bitcoin no longer a fringe asset due to US dollar debasement, says Soros Fund exec
Sourced From: cointelegraph.com/news/bitcoin-no-longer-a-fringe-asset-due-to-us-dollar-debasement-says-soros-fund-exec
Published Date: Fri, 26 Mar 2021 12:01:53 +0000