Soros Fund Management CIO Hints at Bitcoin Ownership

[bbc.reporter]

It would clearly be a huge negative for the bitcoin market. We should not consider or define bitcoin as the market, however. It still is an open source project. This is why much of the people reckon I fud because of my negative sentiments towards the market. They like to say I antagonize bitcoin. My argument to that is they should be realists and be objective.

Well now THAT makes a lot more sense.

tldr;

Negative for the Bitcoin markets.
Neutral for the Bitcoin project.

In it's entirety though, with Bitcoin in general, I'm still going to say it's a net negative, at least in the short term. But it's something that's definitely a nothingburger for the mid-long term.

I would agree that it might be a net negative, however, I would also argue that it would only be a net negative only in perception. There are other things that might be real net negatives for bitcoin. One of them is the monetary policy. That is another discussion for another thread hehe.

[lepbagong]

He didn't say YES when asked if he owns Bitcoin but he knew substantial information about Bitcoin, that's enough of a person to think he does own Bitcoin. He probably even have more than thousands of BTC.

But he seems to be betting for Chinese CBDC to be a thread to Bitcoin but this I think because he already has an idea about the dollar or any other fiat currency going to be debased.

continued speculation about this is clearly very growing, because everyone will have a perception that can't be avoided, but he as a smart person, maybe I agree with you that he certainly has bitcoin because obviously he is very interested in it and he will know what to do. there can be a lot of speculation going on but what is really needed, is this good news or not for bitcoin.

the possibility of what you say can be very there, because we are hard to predict the behavior of this kind of person because he clearly does everything for the same interests as other entrepreneurs, namely profit and it is unavoidable and we must understand that.

[dkbit98]

Soros and his Fund Management are probably pure embodiment of evil in financial sector so I don't see anything good coming from him regarding Bitcoin.
His objectives are to control and manipulate everything and Bitcoin is now on his radar because it's very hard to control it from the outside, so he is going to try from inside attacks and with some big price manipulations in near future.
He wants centralization of power and one global government and that is totally opposing decentralized nature of Bitcoin.
This are just my predictions and I think he is much worse version of elon musk, written with small letters on purpose

[(o)(o)ilikeboobs(o)(o)]

Everyone might begin larping again because of this news after its confirmation. However, before doing this, do the research on who and what George Soros and his trading firms do to the currencies they trade. He will be worse than Elon Musk.



Soros Fund Management has cleared its traders to actively trade bitcoin (BTC, -2.27%), TheStreet reported, citing two people with knowledge of the matter.

The approval to trade the leading cryptocurrency was given by CIO Dawn Fitzpatrick, TheStreet said.

Source https://www.coindesk.com/soros-fund-management-is-said-to-be-trading-bitcoin-report

The misconception here is that most probably people are going to think that Soros is going to "invest" in bitcoin. But what's most likely going to happen is that they're just going to trade it through long/short positions, not necessarily spot. So concerning this news, it could go either way for Bitcoin in terms of being a positive or a negative.

Soros is an old fox. He destroyed the Bank of England and also destroyed the Thai baht so he will profit himself first to have a nice position before the profits come in. He's not a holder so the risk from this guy is bigger. Bitcoin is moving in a major technical pattern and trading volume is increasing over time. Soros is also not among the TOP 10 richest people in the world, so we should not put too much faith in the uncertain statements of these people.

[bbc.reporter]

It has been confirmed by the CEO of Soros Fund Management herself. They have invested in bitcoin, however, it is only a tiny amount. However, we cannot trust the words of these people and the person who she is working for. I can only pray that Soros will pump before he dumps hehehehe.

Defi was also mentioned. It appears they are interested in the cryptospace.



Soros Fund Management, the asset management company founded by billionaire investor George Soros, has invested in bitcoin, the fund’s CEO, Dawn Fitzpatrick, revealed in an interview with Bloomberg, published Tuesday.

Fitzpatrick is both the CEO and chief investment officer (CIO) of Soros Fund Management. She is the first person to hold both titles.

Discussing inflation, she said, “If you watched gold in September, it was down 5% so I think the fear of the debasing of the U.S. dollar has receded to a degree.” In addition, she noted, “The IMF just came out with kind of reserve currency balances and the U.S. dollar has stopped losing ground.”

The CEO of Soros Fund Management further revealed:

We own some coins but not a lot, and the coins themselves are less interesting than the use cases of defi [decentralized finance] and things like that.

Source https://news.bitcoin.com/george-soros-fund-holds-bitcoin-cryptocurrency-gone-mainstream/

[impulse709]

George Soros as far as I know he is a rich man betting on the pound? . This is a billionaire known for making billions of dollars betting on currencies with interest on one of the most volatile cryptocurrencies. I believe that what George Soros is doing will not have a negative or positive effect on our crypto market.

[bbc.reporter]

@impulse709. George Soros is the rich man who did not bet on the pound, he bet against the pound hehehe. He also did this with the Japanese Yen and the Thai Baht through his fund called The Quantum Fund. It appears they are always there finding weaknesses in different markets and shorting billions against them. It would not he very shocking if he begins shorting when the cryptospace bubble bursts.

[bbc.reporter]

News update.

It appears that George Soros is very much concerned that world war 3 might be very near and another global deperession might begin because of China's zero policy on the pandemic. I reckon that his speech might not be fud, however, I am very skeptical on the sincerity of Soro's concern. I would not be shocked if he is presently one of the biggest market short sellers of bitcoin and other fiat currencies hehehe.



Liberal billionaire George Soros on Tuesday warned of a global depression, and said Russia’s invasion of Ukraine could be looked back on as the starting point of World War III.

“Russia invaded Ukraine. This has shaken Europe to its core,” he told the audience.

“The European Union was established to prevent such a thing from happening. Even when the fighting stops, as it eventually must, the situation will never revert to the status quo ante. Indeed, the Russian invasion may turn out to be the beginning of World War III, and our civilization may not survive it.”

Soros also took aim at Beijing, which is experiencing its worst Covid-19 outbreak since early 2020. Earlier in May, Chinese President Xi Jinping headed a meeting of top leaders that emphasized the country should stick to its “dynamic zero-Covid” policy, and warned that economic consequences would follow if it doesn’t.

“The continuing lockdowns have had disastrous consequences, pushing the Chinese economy into a free fall since March,” Soros said in his speech Tuesday.

“These negative results will continue to gather momentum until Xi reverses course. ... Coming on top of the real estate crisis, the damage will be so great that it will affect the global economy. With the disruption of supply chains, global inflation is liable to turn into global depression,” he said.

Source https://www.cnbc.com/2022/05/24/george-soros-says-civilization-may-not-survive-russias-invasion-of-ukraine.html

[bittraffic]

Not really sure how we could say he is concern about WW3. The rest in the forum were saying to Zelenskyy to make peace with giving up some region of Ukraine to  finally end the war. Sorros encourages to  crush Putin.  This man is really mad. You would really wonder how this guy can decide what a country would do to deal with their problems. Its a country's internal affairs.

But I think Sorros is betting against Bitcoin since CBDC is coming and is planned to be used widely through the Swift system. He did it against Yen and GBP.

[kryptqnick]

I think that given the ideology that Soros supports (I'm talking about the idea of Open Society, developed by Popper), it would make perfect sense for him to be a Bitcoin enthusiast, actually, and to be wary of CBDCs, given that this projects even more power and oversight of the government, and, in case of China, a government that already has too much control over the privacy of their citizens, which is almost nonexistent. This is especially true in the light of the recent events and the speech Soros recently gave regarding closed societies gaining their ground (he was talking about China and Russia), and that it's a serious threat. So I think he wouldn't bet on CBDCs, for ideological reasons.

[fiulpro]

Most of the big companies right now have ownership of Bitcoins and other cryptocurrencies since at the end of the day these things are more like the need of the hour and honestly 'who wants to be left behind?' therefore they usually try and hide the fact that they have bitcoins due to uncertainty in their clients that can come from the price fluctuations but then again if you are rich and have some spare you tell me you won't buy bitcoins?
Considering his age I do think it's a positive news as well because most traditional investors are against bitcoins and other cryptocurrencies but the world seems to be changing, becoming more accommodating. Overall the market is getting healthier

[Fortify]

This might be good news for everyone, however, before we larp about this I will also include news articles about 3 of George Soros’ greatest and best investments. You might not be happy.

Am I too much of a skeptic or should we trust what Dawn Fitzpatrick is telling us in this interview?

[Fitzpatrick] When it comes to crypto generally, we're at a really important moment in time, in that, something like bitcoin might've stayed a fringe asset, but for the fact, over the last 12 months, we've increased money supply in the US by over 25%. So there's a real fear of debasing of fiat currencies. And when you think about bitcoin, I don't think it's a currency, I think it's a commodity, but it's a commodity that's easily store-able, it's easily transferable, the IRS classifies it as a physical asset, it has a finite amount of supply, and that supply halves every 4 years. So I think it's interesting. And I think by the way, when you look at gold price action, in the context of a fairly robust inflation narrative of late, it's struggled getting traction and I think that's because bitcoin is taking some of its buyer base away.

[Bloomberg]: Do you own any bitcoin?

[Fitzpatrick] {pause} {laughs} I'm not gonna answer that.

[Bloomberg] That is what I would call a mysterious response.

[Fitzpatrick] But I will say, the one thing also, when you think about bitcoin... Central bank digital currencies are going to be here, I think quicker than people expect. China's been running their trial for a while now, and I think there are some strategic reasons why they're going to be a first mover. And I do think, from a geo-political perspective, they want that digital currency to be used around the world and it is a potential threat to bitcoin and other cryptocurrencies.

[Bloomberg] I was just going to say, does that legitimize bitcoin, or does that delegitimize bitcoin?

[Fitzpatrick] So I think it is a real threat, but I think it will be temporary. I don't think they'll be successful in permanently destabilizing bitcoin.

Here's how George Soros broke the Bank of Thailand

According to sources who had knowledge of the Quantum Fund’s positioning at the time, Soros bet just under $1 billion of his total war chest of $12 billion against the baht.

How George Soros Broke The British Pound

What did these people do to make so much money?  They bet on the inevitable.  They bet that the pound and the other weaker European currencies were overpriced against the deutsche mark.  They bet that the politicians and the central banks could not much longer maintain artificially high exchange rates in the interests of European unity.

George Soros 'makes $1.2bn betting against yen'

George Soros, the hedge fund billionaire known as "the man who broke the Bank of England" for his $10bn (£6.4bn) bet against the value of the pound in 1992, has reportedly made more than $1.2bn betting against the yen.

There is no good way to short the Bitcoin on such a scale that I know of, as it is such a volatile asset and you would not currently be able to do it to a large enough scale compared to the other currencies that you stated Soros shorted for huge profits. This indicates the Soros is genuinely attracted to Bitcoin as a longer term asset rather than seeking to engineer some shorter term profits out of it, he might very well be experimenting with this new asset class and appreciates it's anti-inflationary characteristics which look very similar to a gold standard. It's really good news if he is buying into it, however these sort of financiers are very cagey about their activity so you won't find out until long after the fact.

[franky1]

gotta love how people think fiat is stable

last week i seen
milk at £1.20
a ginsters pasty (its a pie: meat and veg, in pastry) for £1.80
petrol(car fuel) at one fuel station for £1.72

this week
milk at £1.50
a ginsters pasty (its a pie: meat and veg, in pastry) for £1
petrol(car fuel) at another fuel station for £1.58

and next week them prices will all change again.

FIAT IS NOT STABLE VALUE AT ALL
we have just got used to it by the delusions of inflations and 'discounts'

[coolcoinz]

Not really sure how we could say he is concern about WW3. The rest in the forum were saying to Zelenskyy to make peace with giving up some region of Ukraine to  finally end the war. Sorros encourages to  crush Putin.  This man is really mad. You would really wonder how this guy can decide what a country would do to deal with their problems. Its a country's internal affairs.

But I think Sorros is betting against Bitcoin since CBDC is coming and is planned to be used widely through the Swift system. He did it against Yen and GBP.

CBDCs are not undermining bitcoin. Only stable coins should be concerned by this because it's more or less their equivalent, just owned and backed by banks instead of private companies.
Bitcoin is more of an investment and a decentralized form of money than a stable coin and it does not compete with centralized money. CBDC will still be fiat-based. If a central bank issues a digital currency and the country goes into recession, hyperinflation, defaults on debt, their digital currency will take a hit, just like fiat.

IMO there's not much difference between old fiat money and new digital version of fiat money.