• Dawn Fitzpatrick, CEO at Soros Fund Management admits to having invested in Bitcoin.
• She said that crypto has already gone mainstream and expressed interest in the use-cases for DeFi.

More and more billionaires continue to be a part of the crypto bandwagon as the market matures. In the latest admission, Dawn Fitzpatrick, the CEO of the Soros Fund Management said that the George Soros’ family offices have invested in Bitcoin. In an interview with Bloomberg on Tuesday, October 5, Fitzpatrick said:

From our perspective again, we own some coins, not a lot, and the coins themselves are less interesting than the use use cases of DeFi and things like that.

Earlier this year, Fitzpatrick made some interesting observations about Bitcoin. The CEO has also admitted that Bitcoin has been displacing Gold as a store of value. In her recent comments, Fitzpatricks also noted that cryptocurrencies have gone mainstream. The CEO said:

I’m not sure bitcoin is only viewed as an inflation hedge. Here I think it’s crossed the chasm to mainstream. Cryptocurrencies now have a market cap of over $2 trillion. There’s 200 million users around the world, so I think this has gone mainstream.

This is most likely the first public admission by Soros Funds of its direct investment in cryptocurrencies. Besides, the financial giant has also invested in other crypto firms like Lukka and NYDIG. The Soros Fund Management family office has a total of $27 billion in net assets under management.

Bitcoin (BTC) makes healthy gains after SEC comments

On Tuesday, SEC Chairman Gary Gensler said that they won’t be banning crypto. Bitcoin (BTC) has continued to gain momentum post the comment. The Bitcoin price has moved past $51,000 post these comments. As of press time, Bitcoin is trading at a price of $51,242 and a market cap of $967 billion.

Analysts are saying that this could be the beginning of the next Bitcoin bull run. Many analysts are already predicting that the BTC price can go as high as $100K by the end of this year. The bitcoin institutional inflows also continued over the last month despite the tepid performance.

Moreover, the Bitcoin whales have also been aggressively buying in recent days. On-chain data provider Santiment reported:

Bitcoin whale traders holding between 100 to 10,000 $BTC accumulated 70k $BTC 10 days ago, the largest day of accumulation for this group since July, 2019. Unsurprisingly, prices gradually returned to above $51k as whales show no sign of a dump yet.

Bitcoin (BTC) has been showing strength off-lately. The world’s largest cryptocurrency has delivered a strong performance in the past during the fourth quarter of the year, particularly in the next year of Bitcoin halving for e.g. in 2013 and 2017. Will Bitcoin manage to replicate the same performance this time in 2021?