George Soros owns Bitcoin. What does it mean for crypto?

George Soros owns Bitcoin

CEO of George Soros fund (Soros Fund Management) disclosed that it owns Bitcoin. Soros Fund CEO Fitzpatrick said that during an interview at the Bloomberg Invest Global Summit. This statment comes after the continued threat of regulatory crackdowns. 

Crypto is already a part of the mainstream finance

Soros Fund Management is known for making large profits on traditional currency investments. The fact that it owns crypto among traditional currencies means that cryptocurrencies are becoming a legitimate part of mainstream financial industry. The fund has also invested in few crypto infrastructure companies, such as NYDIG and Lukka.

“There are 200 million users around the world, so I think this has become mainstream”
Soros fund bitcoin
Dawn Fitzpatrick
CEO of Soros Fund Management

Bank of America experts launched coverage of digital assets, stating that the sector just got “too large to ignore.”

US Bank was the latest bank to announce cryptocurrency-related solutions in the form of a custody service. In July, JPMorgan Chase allowed all its wealth management clients access to crypto funds. And in August, Citigroup announced it is considering trading bitcoin futures, following Goldman Sachs’s lead in May.

One of the main concerns about crypto was not an adoption, but a potential regulatory crackdown. This week the US Treasury Secretary Janet Yellen together with SEC Chair Gary Gensler said that they have no plans to put forward restrictions on crypto trading.

Continuation of crypto adoption in the EU

Crypto adoption of the mainstream institutions and positive regulatory environment in the US should keep pusing the prices of cryptocurrencies up. It is hard to imagine that the European Union would take an opposite approach than the US, therefore crypto trading and investing in the EU should keep continue growing.