George Soros. Bryan Bedder/Getty Images Concordia Summit
George Soros' hedge fund manager confirmed that George Soros' investment firm is now trading bitcoin.
Bloomberg reported that DeFi's CEO stated that the coins are not as interesting as their use cases.
Since 2018, the fund has been investing in cryptocurrency.
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George Soros, the legendary hedge fund manager, confirmed that the fund was trading bitcoin.
Dawn Fitzpatrick, CEO of Bloomberg, stated Tuesday that she has some coins but not many. "The coins are less interesting than DeFi and other uses."
Soros Fund Management has been investing in cryptocurrency since 2018. In July, it was reported that the family office of billionaire investor Soros had begun trading bitcoin.
Fitzpatrick is also the chief investment officer at Soros. Fitzpatrick added Tuesday that the largest digital asset in the world by market capitalization was more than an inflation hedge.
She said, "I believe it's crossed over the chasm towards mainstream."
The wider financial industry has begun to recognize cryptocurrencies and their potential.
Bank of America analysts announced coverage of digital assets earlier this week. They said the sector is simply too large to ignore.
US Bank on Tuesday was the latest bank to announce cryptocurrency-related offerings in the form of a custody service. JPMorgan Chase granted all wealth management clients access in July to crypto funds. Citigroup, following Goldman Sachs's lead, announced a month later that it was considering trading bitcoin futures.
John Wu, president and CEO of Ava Labs (the team behind altcoin-avalanche), told Insider that he's more focused on the development of the crypto space than complying with regulations once clarity is achieved.
He stated that institutional adoption would continue to occur and that activity would increase.
