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George Soros Is Selling Stocks and Buying Crypto

Wed, 10/06/2021 - 11:55
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Arman Shirinyan
Famous billionaire might become one of the first investors in DeFi industry
George Soros Is Selling Stocks and Buying Crypto
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Dawn Fitzpatrick, the CIO of Soros Fund that manages the personal capital of billionaire George Soros—who is famous for his donations to the Democratic Party and promotion of liberal ideas, said in an interview with Bloomberg that the fund owns "some coins" and is looking forward to exploring the DeFi industry.

The Soros fund manager has said that it began making a profit in March 2020, right when the market crash due to the pandemic happened. But at the same time, the fund is interested in buying recovery stocks that are still too cheap. The main reason is the abundance of cash in the U.S. economic system.

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While Soros fund is getting more crypto, it is certainly moving away from investing in the Chinese economy. Previously, Soros himself said that the Chinese government is acting irrational, and investors cannot feel safe while investing in the country's economy.

In terms of crypto, Fitzpatrick said that the fund is more interested in technology and solutions that decentralized technologies bring to the table rather than cryptocurrencies themselves.

Institutional investors are progressively moving into the digital assets industry while discovering some convenient investment opportunities like decentralized finances or token offerings—which usually offer more returns than traditional assets.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.