George Soros Hints at Bitcoin Holdings


Bitcoin is on a breaking point, soaring nearly 500% amid a bullish market that has turned the cryptocurrency industry into a $1 trillion market.

Billionaire investors and hedge funds are now piling up some of this digital pie for future profits. Soros Fund Management, firmly founded by billionaire investor George Soros, has revealed that it owns Bitcoin

According to Fitzpatrick, the $6.5 trillion fund owns some Bitcoin and other cryptocurrencies. He clarified how the cryptocurrencies market is worth more than $2 trillion, with over 200 million users.

In his own words, he says, “We own some coins, but not a lot. The coins themselves are less interesting than the use cases of DeFi (decentralized finance) and things like that.”

He confirmed this in an interview with Bloomberg. Fitzpatrick believes that the cryptocurrency and user numbers show that the market is settling down in the public eye. 

However, they are also motivated by the use cases that cryptocurrencies provide, apart from the coins.

Fitzpatrick added that Bitcoin is shifting the attention of buyers away from gold. Chamath Palihapitiya, the founder of Social Capital, also shares this opinion. According to Chamath, gold price flow in the setting of a reasonably strong inflation account has tried to gain traction. That’s the reason Bitcoin is making some of its buyer base away.

Bitcoin is trending at $54,700 at the time of writing, which is an almost 10% increase from its 24-hour low. According to Marion Laboure, Bitcoin is about to take a turning point in the next two or three years.

Bitcoin at $100,000 Soon

BTC’s price history shows an October bull rally following the August-September losses. Bitcoin and ethereum have sprung back following the recent China ban last month, helping the cryptocurrency industry return to $2 trillion.

China’s central bank’s move to ban all crypto transactions made BTC fall in value last month. However, it looks like this move is failing to prevent investors and companies from accumulating more cryptocurrencies into their holdings.

Furthermore, there is a possibility that this month, the U.S. Securities and Exchange Commission (SEC) permits the  Bitcoin Exchange Traded Fund (ETF). 

The most recent Bitcoin bull rally began despite the sustained threat of administrative crackdowns from governments worldwide. 

U.S. administrative worries have since softened following the statement by  SEC Chair Gary Gensler to remove limitations on cryptocurrency trading. This is one of the things that could send the BTC price as high as $100,000.

Additionally, Bitcoin is not the only cryptocurrency surging this year. Ethereum’s price has also grown three times last year’s price of around $1000 to more than $3,000.

The future of BTC and other cryptos is bright. Especially now that countries are accepting bitcoin as a legal tender. El Salvador recently made Bitcoin its legal tender, and Tango is planning to follow suit.

Banks and companies are also accepting payments and withdraws. Over 40000 BTC ATMs are located in the U.S. alone.