CBDC, central bank digital currencies, Dawn Fitzpatrick, Dawn Fitzpatrick bitcoin, George Soros, george soros bitcoin, gold, soros fund management, threat to bitcoin

Soros Fund Management’s chief investment officer (CIO) says that central bank digital currencies are a potential threat to bitcoin and other cryptocurrencies but it will only be temporary. She also says that bitcoin is taking some of gold’s buyer base away.

Crypto’s ‘Inflection Point’

Soros Fund Management Chief Investment Officer (CIO) Dawn Fitzpatrick talked about bitcoin and the impact central bank digital currencies (CBDCs) could have on the crypto industry in an interview on Bloomberg’s Front Row last week. She said:

She named some examples of what her firm has been investing in, including exchanges, asset managers, custodians, and tax reporting companies. Earlier this month, Soros Fund Management invested in the New York Digital Investment Group (NYDIG), a provider of technology and investment solutions for bitcoin.

Soros Fund Management has about $27 billion in assets under management. Institutional Investor ranks it the second most successful hedge fund of all time, returning 44% annually since it was formed in 1970 by veteran investors George Soros and Jim Rogers.

Central Bank Digital Currencies: A Temporary Threat to Cryptocurrencies

Fitzpatrick also discussed the potential impact of central bank digital currencies on the crypto market. “Central bank digital currencies are going to be here, I think, quicker than people expect,†she opined, citing China as an example. “There are some strategic reasons why they [China] are going to be a first mover,†the CIO continued, emphasizing that China wants to use its digital currency around the world. She warned:

Fear of Fiat Currency Debasement, Investors Moving From Gold to Bitcoin

Fitzpatrick explained that she sees bitcoin as a commodity, stating: “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 storable. It’s easily transferable.â€

She then described how the rapid increase in the U.S. money supply has saved bitcoin from staying a fringe asset, emphasizing that “There is a real fear of debasing fiat currencies.†The CIO detailed: “When it comes to crypto generally, I think we are at a really important moment in time in that something like bitcoin might have stayed a fringe asset, but for the fact that over the last 12 months we’ve increased money supply in the U.S. by 25%.â€

The Soros Fund Management CIO also believes that some investors are moving away from gold to bitcoin, elaborating:

The CIO was also asked specifically if she owns any bitcoin herself. However, she laughed and responded, “I am not going to answer that.â€

Do you agree with Soros CIO Fitzpatrick? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

RELATED NEWS

Morgan Stanley Says Central Bank Digital Currencies Not a Threat to Cryptocurrencies

Major investment bank Morgan Stanley believes that central bank digital currencies are not a threat to the existence of cryptocurrencies. The bank believes that both types of digital currencies can coexist because they serve different purposes and have different appeals. Cryptocurrencies and CBDCs Can Coexist Morgan Stanley’s analysts, including chief economist Chetan Ahya, discussed the […]

Xem chi tiết: Morgan Stanley Says Central Bank Digital Currencies Not a Threat to Cryptocurrencies

Federal Reserve Bank President Says Bitcoin Is Clearly a Store of Value

The Federal Reserve Bank of Dallas president says bitcoin is clearly “a store of value.†Emphasizing the differences between cryptocurrencies, like bitcoin, and central bank digital currencies, he said the latter “won’t necessarily be a store of value.†Fed Bank Chief Calls Bitcoin a Store of Value The president of the Federal Reserve Bank of […]

Xem chi tiết: Federal Reserve Bank President Says Bitcoin Is Clearly a Store of Value

Bank of England and HM Treasury Launch a Central Bank Digital Currency Taskforce

Her Majesty’s Treasury and the Bank of England have revealed the establishment of a central bank digital currency (CBDC) taskforce. According to the announcement, the group’s purpose aims to explore a potential UK CBDC. UK Entities Invoke a CBDC Taskforce to Explore a Central Bank-Issued Digital Currency Central bank digital currencies (CBDCs) have been popping […]

Xem chi tiết: Bank of England and HM Treasury Launch a Central Bank Digital Currency Taskforce

Brazil’s Central Bank President Expects to Have News on a CBDC ‘Soon’

The largest country in Latin America could have its central bank digital currency (CBDC) soon, as the Brazilian central bank is taking steps towards creating it. Recently, the Banco Central do Brasil (BCB) president hinted at the possibility of having news on the matter “soon.†No Decision Has Been Made on Whether the Digital Real […]

Xem chi tiết: Brazil’s Central Bank President Expects to Have News on a CBDC ‘Soon’

Swedish Central Bank Releases the First Study About Its CBDC E-Krona Pilot

The Swedish central bank keeps making steps towards modeling its e-krona pilot project by issuing a detailed report of the results of phase one for the path ahead. Riksbank is still optimistic about launching its central bank digital currency (CBDC), but there are hurdles to clear out on the road. Riksbank to Spend Another Year […]

Xem chi tiết: Swedish Central Bank Releases the First Study About Its CBDC E-Krona Pilot

JP Morgan: Bitcoin’s Decreasing Volatility Makes It More Appealing to Institutions, Revises BTC Price Prediction to $130K

JP Morgan says that bitcoin’s volatility has decreased in recent weeks, making the cryptocurrency more appealing to institutional investors. The investment bank has also revised its bitcoin price target to $130,000. Increased Institutional Adoption, New Price Prediction for Bitcoin JPMorgan said last week that bitcoin’s price volatility has been declining in recent weeks, noting that […]

Xem chi tiết: JP Morgan: Bitcoin’s Decreasing Volatility Makes It More Appealing to Institutions, Revises BTC Price Prediction to $130K

2% Inflation Is a Myth- 2021 Statistics Show Prices of Goods and Services Have Surged

Members of the U.S. Federal Reserve and fellow bureaucrats have said that they are not worried about inflation levels and some officials have even encouraged a general increase in prices for goods and services. Despite the alleged statistics that say U.S. inflation is only 2% to 2.24%, reports show that Fed’s liquidity expansion has accelerated […]

Xem chi tiết: 2% Inflation Is a Myth- 2021 Statistics Show Prices of Goods and Services Have Surged

BNY Mellon Report Compares Bitcoin and Gold, Study Says ‘Gold Is the Only Globally Accepted Currency’

The popular safe-haven asset gold recently posted the lowest settlement in three weeks, as a firm dollar and bond market yields have weakened support for the precious metal. The financial goliath BNY Mellon also published a report about the differences between gold and bitcoin and the study said that the crypto asset “fits the description […]

Xem chi tiết: BNY Mellon Report Compares Bitcoin and Gold, Study Says ‘Gold Is the Only Globally Accepted Currency’

BNY Mellon Report Compares Bitcoin and Gold, Study Says ‘Gold Is the Only Globally Accepted Currency’

The Fed Plans to Unveil Digital Dollar Prototypes in July

Payment Giant Visa Integrates USDC Stablecoin Support for Settlement

New Zealand Fund Invests 5% in Bitcoin— CIO Says You ‘Can’t Really Discount Bitcoin’

The Fed Plans to Unveil Digital Dollar Prototypes in July

Jamaica Plans to Pilot a Central Bank Crypto, CBDC to Work Alongside Notes and Coinage

Mad Money’s Jim Cramer Says Gold Let Him Down, Put 5% in Bitcoin

Digital Yuan Won’t Be Fully Anonymous but Offers ‘Controllable’ Privacy Protection, Says Official