Bitcoin’s Very Good Week Ends With George Soros Saying He Owns the Crypto
Bitcoin is being backed by another prominent figure — billionaire investor and philanthropist George Soros, who revealed he owns the crypto. The latest endorsement by someone known for his traditional investments underscores the fact that Bitcoin has been becoming more mainstream.
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Dawn Fitzpatrick, CEO and chief investment officer, Soros Fund Management, spoke at the Bloomberg Invest Global Summit earlier this week and said that the family office owns “some coins … but not a lot,” CNBC reported.
“I’m not sure bitcoin is only viewed as an inflation hedge here,” Fitzpatrick said, according to CNBC. “I think it’s crossed the chasm to mainstream.”
Bitcoin has been enjoying a rally lately and is up 1.86%, to $55,000, in the past 24 hours, according to CoinMarketCap.
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As GOBankingRates reported earlier this week, despite 2021 continuing to be a wild ride for cryptos — and Bitcoin especially — and naysayers who see it as a passing fad, Bitcoin is the best performing asset so far this year, beating both stocks and commodities.
“After the strong Q3 performance #Bitcoin is now up 49.1% year-to-date,” Bitcoin tweeted in regard to NYDIG data.
Ron Levy, CEO and co-founder of The Crypto Company, told GOBankingRates that Bitcoin is the leader in the crypto space and the “health test for the $2.2 trillion industry simply referred to as ‘crypto.'”
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“In the last 10 years Bitcoin has, at different times, gone from increasing well, to increasing tremendously — and that’s with only less than 1% of the population on board and involved in the market,” he said.
The opportunity for growth here exists because the market has barely been tapped. It took about 10 years to get to a $1 trillion valuation. It took less than one year to go from $1 trillion to $2 trillion, he added.
“As it grows, the other 99% of the population is starting to become more comfortable having some investments in the crypto space. Many have decided that it’s time for those who have investment portfolios to start investing in this space, especially as the older generation is seeing the younger generation make investments that have shown consistent growth,” he said.
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Additional Bitcoin-positive news this week included U.S. Bank announcing that its cryptocurrency custody services, in partnership with NYDIG, are now live and available to its Global Fund Services clients.
“The services are intended for institutional investment managers with private funds in the U.S. or Cayman Islands who would like a safekeeping solution for Bitcoin — with additional coin support coming soon. NYDIG, a leading technology and financial services company dedicated to Bitcoin, is the first crypto sub-custodian announced in the bank’s network of providers,” the company said in a statement.
“Investor interest in cryptocurrency and demand from our fund services clients have grown strongly over the last few years,” Gunjan Kedia, vice chair, U.S. Bank Wealth Management and Investment Services, said in the announcement. “Our fund and institutional custody clients have accelerated their plans to offer cryptocurrency and, in response, we made it a priority to accelerate our ability to offer custody services.”
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