One of the most traditional and well-known funds in the world is entering the cryptocurrency market.
George Soros’ $ 27 billion mutual fund, the Soros Fund, has bought cryptocurrencies and is also targeting decentralized finance (DeFi).
Dawn Fitzpatrick, The CIO of Soros Fund stated at a Bloomberg event this week:
“We have a few [criptomonedas]Not many, but the currencies themselves are less interesting than DeFi use cases and the like. “
He said that:
“Cryptocurrencies have already become mainstream.”
According to the exam, information that the Soros Fund was trading Bitcoin surfaced in July, but with no strong confirmation.
According to the note, The Soros Fund invested $ 5 billion in stocks during the March 2020 crash when the market collapsed.
And now, according to the CIO, the fund is selling paper to ensure it can be reinvested soon in the event of another crisis.
The traditional financial industry is hugging the cryptocurrency market.
An example of this is Bank of America, which, as Cointelegraph told you, released a research report showing an optimistic long-term outlook for cryptocurrencies.
The report released by BofA Securities, a subsidiary of BoA, provides a nuanced rating of the digital assets industry, highlighting the innovations taking place in the decentralized finance (DeFi) and non-fungible token (NFT) industries.
The report cited that the bank or JPMorgan has announced crypto asset funds for some of its clients.
However, as Cointelegraph has reported, Jamie Dimon, The CEO of JP Morgan Bank said that Anyone who borrows money to buy Bitcoin is an idiot and claims that cryptocurrencies could be regulated when they are fine with that.