The 90-year-old Soros, who hoarded the British pound in 1992 and earned a billion dollars with this trade alone, was known in his heyday as one of the best currency traders in the world. And his fund is now trying to make a similar impact on the Bitcoin market. Fund CIO Dawn Fitzpatrick is said to have allowed traders to open BTC positions in recent weeks, coinciding with the gradual fall of the world’s largest cryptocurrency.
The move came months after Fitzpatrick confirmed interest in the space. “There is a real fear of the devaluation of fiat currencies. I do not believe that Bitcoin is a currency, but a commodity that is easy to store and transfer, with a finite supply,“ she said in March, adding that the market is“ reaching a tipping point.”
Elsewhere, Point72 is looking for a head for cryptocurrencies. The fund manages billions of dollars in various asset classes, but had not yet immersed itself in the burgeoning crypto market. Until now.
The fund made no comment yesterday. However, in a letter to investors in May, Point72 executives pointed out that they are ” exploring opportunities around blockchain technology and its transformative and disruptive capabilities.“