Investment heavyweights Soros and Cohen invade Bitcoin

Bitcoin (BTC) has two new and well-known fans from the world of traditional American finance, with George Soros and “hedge fund king” Steve Cohen both tending to get into crypto.

The fact that the investment heavyweights Soros and Cohen are advancing into Bitcoin shows that the cryptocurrency market is growing and attracting many investors.

Investment heavyweights Soros and Cohen invade Bitcoin

Both have previously hinted that they could branch into cryptocurrencies, but their latest move is more optimistic than ever. According to The Street, Cohen’s Point72 Asset Management is currently looking for the appointment of a head of crypto while Soros’ family office has started trading BTC.

Media sources have confirmed that Dawn Fitzpatrick, chief investment officer at Soros Fund Management, has “internally given the green light to actively trade Bitcoin” and presumably a variety of unidentified cryptocurrencies.

Bloomberg claims that “companies do not comment” on reported developments, but added that a letter was sent to investors in May from Cohen’s Point72 Asset Management stating:

“We are investigating the possibilities surrounding blockchain technology and its transformative and disruptive capabilities.”

The media also quoted the company as claiming it was “reckless to ignore a $ 2 trillion crypto market today.”

Soros’ crypto curiosity can be traced back several years. Although he once dismissed the crypto market as a “bubble”, in 2018 his fund bought an undisclosed amount of shares in Overstock, the money-loving e-commerce shop that has been accepting payments in Bitcoin since 2014.

Cohen, the majority owner of the New York Mets MLB franchise, was named to Institutional Investor’s Top 20 Rich List last year, and the media estimated his profits at $ 1.7 billion last year

Fitzpatrick, meanwhile, has previously expressed willingness to trade cryptocurrencies, but previous efforts have been in vain. In 2018, she informed Adam Fisher, her company’s chief macro investment officer, that she was entering the crypto market, but it later left Soros’ company in early 2019.

This year, she has been more optimistic, calling BTC “exciting” and “no longer a small cap” referring to the company’s recent investments in “stock exchanges, custodians and exchanges”.

In an interview with Bloomberg in March, she stated that there was “a real fear of fiat currency devaluation,” a factor driving public demand for cryptocurrencies.

“When it comes to cryptocurrencies in general, we are in a really big moment. Something like Bitcoin may still be a marginal asset, but the fact is that we have increased the money supply by 25% in the last 12 months – so there is really a price drop of all kinds to be feared.

She added that BTC was a “commodity” and not a “currency” but declined to disclose whether she owns personal bitcoins.

“When you think of Bitcoin, I don’t think of a currency; It’s a commodity. But it is a good that is easy to maintain and easy to transfer. It has a limited supply and the supply is halved every 4 years. “

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