The price of Bitcoin has just jumped more than 9% in 24 hours.
One of the main reasons? Billionaire George Soros’ investment fund has just officially announced that it has started trading Bitcoin. Not surprisingly, this masterful admission of confidence has caused a very positive reaction on the BTC price!
George Soros’ investment fund confirms holding and trading Bitcoin
The news came from Dawn Fitzpatrick, the CEO and Chief Investment Officer at Soros Fund Management. She spoke on Tuesday 5 October 2021 at the Bloomberg Invest Global Summit. During the interview, she said about Bitcoin:
“We own some corners – not many” Dawn Fitzpatrick, CEO and Chief Investment Officer at Soros Fund Management
In fact, the investment fund has been interested in cryptocurrencies since 2018. It wasn’t until the summer of 2021 that Dawn Fitzpatrick gave her traders the green light to get into the Bitcoin market.
For Dawn Fitzpatrick, Bitcoin now represents more than just a safe haven from inflation.
“I think it’s passed the point of becoming mainstream” Dawn Fitzpatrick
Why Soros’ position matters
It may only be “a few corners”, but this official position of Soros Fund Management is far from a detail. We’re talking about an investment fund founded in 1992 that now manages more than $70 billion. It is the second largest investment fund in the world after BridgeWater Associates.
So it’s clear that Soros Fund Management is a strong new supporter of Bitcoin. Their stance in favor of Bitcoin further establishes the credibility of the world’s largest crypto asset. It is also an admission of confidence in the cryptocurrency field in general.
Bitcoin price climbs 9% in 24 hours
Soros Fund Management’s announcement has given a boost to the price of BTC At the time of writing, Bitcoin is trading above $54,500. This represents an increase of more than 9% in the 24 hours since Dawn Fitzpatrick’s announcement.
This brings Bitcoin to within $10,000 of its all-time high of $64,863 reached on April 14, 2021.
Yesterday we mentioned 3 reasons why Bitcoin is likely to rise nicely by the end of the year. The news from Soros Fund Management seems to be a fourth strong argument!