The Soros Fund Management is growing on crypto even more as the organization is interested in investing in crypto as an inflation hedge as the CFO Dawn Fitzpatrick noted. In our latest cryptocurrency news today, we are reading more about it.
The CFO of Soros Fund Management Dawn Fitzpatrick weighed in on what makes crypto interesting to her and contrary to the comments from a few months ago, she said that BTC is more than an inflation hedge, citing other use cases as well. Fitzpatrick aired her thoughts on crypto in an interview with Bloomberg and after mentioning Bitcoin’s climb back to $50K, Fitzpatrick questioned one of the previous assumptions she made about crypto:
“I’m not sure Bitcoin is only viewed as an inflation hedge here. I think it’s crossed the chasm to mainstream.
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She went on to cite the $2 trillion crypto market cap and the huge number of users worldwide, seeing more in crypto than just an asset class like for example a booming industry and technology altogether:
“The coins themselves are less interesting than the use-cases of DeFi and things like that.”
She added that Soros Fund Management is interested in crypto and already owns some. The company started trading BTC a few months ago and has kept an eye on the space since 2018. Fitzpatrick said that the organization is doing much more than just talking about it. The views on Bitcoin were a little different as she called it more of a commodity than a currency and cited a debasement of fiat currency as the main driver for the demand. Though Soros Fund Management confirmed trading BTC, Fitzpatrick’s comments could indicate more interest in altcoins as well. Some people and businesses don’t use BTC for decentralized finance right now as the development of the smart contracts and support for NFTs is mostly due to the domain of ETH and other blockchain networks.
In the meantime, people use to pay for goods, services, and labor while stablecoins are the main vehicle for it. Tether now has more than double Bitcoin’s trading volume. Other major institutions are favoring DeFi as well like parts from Western Europe and Northern Europe as well with more than 80% of large institutional transactions were sent to DeFi protocols in 2021.
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