Soros Fund Management has withdrawn its funds from stocks, moving to DeFi investing. DeFi adoption has increased significantly, dominating general cryptocurrencies.
Soros Fund Management recently announced that it has liquidated the $ 5 billion equity investment. The $ 27 billion company had invested these funds in early 2020 during the COVID-19 market instability.
The investment giant’s Chief Executive Officer (CEO) Dawn Fitzpatrick also said that the company has decided to redirect these funds to decentralized finance (DeFi).
What Is Known About Soros’ Financial Movements?
The family office owns “some coins … but not many,” Dawn Fitzpatrick, Soros Fund Management CEO and chief investment officer said in an interview at a Bloomberg event this week.
Soros Fund Management, which is known for making huge returns on traditional currency investments, did not immediately respond to a request for comment from CNBC when asked how many bitcoins it owns and when it bought them.
“I’m not sure that bitcoin is seen only as a hedge of inflation,” Fitzpatrick said. “I think he has crossed the gulf into the mainstream,” the CNBC report said.
Fitzpatrick went on to explain how cryptocurrencies now have a market value of more than $ 2 trillion, with more than 200 million users.
The most popular cryptocurrency among investors has risen 12.43% this week according to Cointelegraph data, and at this time it is located very close to the zone of $ 54,141, after a high in the zone of $ 55,000.
A week ago, the price of bitcoin hovered around the area of $ 43,000, while at the beginning of the year you could buy a bitcoin for about $ 29,000. However, the rebound in the price of bitcoin has managed to overcome the regulatory measures of several countries, and the criticism of environmental institutions.
On the other hand, US fears have subsided this week after both Treasury Secretary Janet Yellen and SEC Chairman Gary Gensler mentioned that they have no plans to impose restrictions on cryptocurrency trading.
Bitcoin is not the only cryptocurrency that has risen this year. Ether has tripled in value from about $ 1,000 at the beginning of the year to more than $ 3,000 today.
Do You Know Why George Soros Is Famous?
George Soros is of Hungarian origin, was born in Budapest, is 90 years old, and is one of the richest men in the world thanks to his financial investments. However, this magnate is largely unknown to the general population and is only mentioned in conspiracy theories of all kinds.
The legend that circulates about this magnate began in 1992 when Soros bet millions of dollars against the Bank of England. This led to what is known as “Black Wednesday”.
At this time, the British government had to withdraw the British pound from the ERM, while Soros earned more than a billion dollars from this financial movement.
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