Dawn Fitzpatrick, Chief Information Officer (CIO) of legendary management firm Soros Fund Management has stated that the firm is looking at Bitcoin as a new commodity to the user. The CIO has further added that Bitcoin should no longer be considered as a fringe asset. She said that the firm has recently picked up its interest in the cryptocurrency industry, specifically looking at Bitcoin. This comes when the US dollar has been struggling to maintain its strength from increasing inflation.
She suggested that the Bitcoin value has surged, and thereby it is heading to an important time – where institutional adoption is increasing. More retailers are considering it as an asset. Henceforth, many companies are investing big into that infrastructure. In the last two months, the Soros Fund has made two big investments to fund cryptocurrency-based projects; both projects have their central focus on Bitcoin.
The investment and interest in the cryptocurrency sector seem to be in stark contrast as per the fund's perspective on storing money in the US dollar, Ms. Fitzpatrick stated. She also said that there is still a sense of fear of debasing fiat currencies. And when it comes to Bitcoin, it should not be considered as currency rather a commodity. A commodity that is easily storable, easily transferable, and easily exchangeable.