George Soros is one the most well-known investors in the world. ullstein bild Dtl./Getty ImagesAccording to a report, George Soros, a legendary investor, is planning to trade bitcoin.Soros Fund Management, which is thought to be worth around $27 billion, began looking into bitcoin in 2018.This would be the most recent major fund to invest bitcoin. Bitcoin boomed in the early 2021s but plummeted in May.Subscribe to our daily newsletter 10 Things Before The Opening Bell.The hedge fund legend George Soros' investment firm is now actively trading bitcoin after Dawn Fitzpatrick, its chief investment officer, gave permission to do so, The Street reported Wednesday.Soros Fund Management is looking into investing in cryptocurrency since 2018. Since 2018, a lot of investment and hedge funds have looked into investing in cryptocurrencies. The market was worth more than $2 trillion prior to the recent plunge.According to people familiar with the matter, Fitzpatrick approved traders to trade bitcoin, according to Soros Fund Management chief investment officer.In March, she told Bloomberg that bitcoin was driven by fear that central banks and governments would debase fiat currencies. Fitzpatrick stated that she views bitcoin as more of a commodity than a currency.Soros Fund Management previously invested in crypto infrastructure. Bloomberg reported that the firm, which was once a hedge-fund, is now a family office and has a total of $27 billion in assets.It was among a few firms that supported New York Digital Investment Group, along with Morgan Stanley and other investors, in a $200 Million funding round.Anthony Pompliano, a Bitcoin investor and Bitcoin bull, stated on Twitter that Soros could invest in the tech industry "positively or negatively depending on how they trade it."George Soros rose to global prominence in the 1990s when he bet against the British Pound, earning him the reputation of the man who broke Bank of England.Soros Fund Management is the latest major fund to invest in cryptocurrency. Paul Tudor Jones was an early investor, and Brevan Howard, a $14 billion fund, entered the space in April. The Street reported that Steve Cohen's Point72, a $22 billion fund, is currently looking to hire a head for cryptocurrencies.TP ICAP, an interdealer broker, announced earlier this week that it would establish a crypto-trading platform aimed towards hedge funds, investment banks, and other institutions.Insider could not reach Soros Fund Management. However, Bloomberg and other outlets reported that the firm refused to comment.
