More and more billionaires continue to climb the cryptocurrency bandwagon as the market matures. Dawn Fitzpatrick, CEO of Soros Fund Management, said George Soros' family offices have invested in Bitcoin. In an interview with Bloomberg on Tuesday, Oct.5, Fitzpatrick said:
"From our point of view, again, we have some coins, not many, and the coins themselves are less interesting than the use cases of DeFi and things like that."
Earlier this year, Fitzpatrick made some interesting remarks about Bitcoin. The CEO also admitted that Bitcoin has replaced gold as a store of value. In his recent comments, Fitzpatricks also noted that cryptocurrencies have gone mainstream. The CEO said:
“I'm not sure if bitcoin is only seen as a hedge against inflation. Here I think the abyss for the mainstream has passed. Cryptocurrencies now have a market cap of over $ 2 trillion. There are 200 million users around the world, so I think this has become mainstream ”.
This is most likely Soros Funds' first public admission of its direct investment in cryptocurrencies. Furthermore, the financial giant has also invested in other cryptocurrency companies such as Lukka and NYDIG. Soros Fund Management's family office manages a total of $ 27 billion in net assets.
Bitcoin rises after SEC comments
On Tuesday, SEC Chairman Gary Gensler said they will not ban cryptocurrencies. Bitcoin (quotation BTC) continued to gain momentum after the comment. The price of Bitcoin has surpassed $ 51.000. As of press time, Bitcoin is trading at a price of $ 51.242 and a market cap of $ 967 billion.
Analysts say this could be the start of Bitcoin's next bull run. Many analysts already predict that the price of BTC can go up to $ 100.000 by the end of this year. Institutional inflows of bitcoin continued over the past month despite the tepid performance.
Furthermore, Bitcoin whales have also been buying aggressively in the past few days. On-chain data provider Santiment reported:
“Bitcoin whale traders holding between 100 and 10.000 BTC accumulated 70k BTC 10 days ago, the largest accumulation day for this group since July 2019. Unsurprisingly, prices have gradually returned above 51k as whales do not show. still no signs of landfill ".
Bitcoin has been showing strength lately
The largest cryptocurrency in the world has recorded strong performance in the past during the fourth quarter of the year, particularly in the next year of Bitcoin's halving eg. in 2013 and 2017. Will Bitcoin be able to replicate the same performance this time in 2021?
