After Elon Musk, billionaire George Soros seems interested in Bitcoin

• Despite the recent Bitcoin price volatility, more traditional financial institutions continue to embrace the leading cryptocurrency.
• Soros Fund Management firm finally unveils its Bitcoin trading services.
• More than 650 US banks to offer Bitcoin purchases to customers.

Despite the recent volatility in Bitcoin prices triggered by Tesla’s Elon Musk, massive liquidations, government restrictions and mining regulations, a rising number of financial institutions continue to adopt the cryptocurrency as an asset class. Soros Fund Management, a private investment company owned by billionaire George Soros, is the latest traditional financial institution to embrace BTC.

Soros Fund management firm is reported to have started trading Bitcoin as part of a wider exploration of digital assets. Dawn Fitzpatrick, the chief investment officer for Soros Fund management firm, is said to have given the green light for the private American investment management company to actively trade Bitcoin and other crypto assets in the last few weeks.

Why Soros Ramping Its Bitcoin Infrastructure

Fitzpatrick and her team are reported to have been examining cryptocurrencies for some time, and the latest venture is “more than just kicking the tires” on digital assets.

Besides that, Fitzpatrick is said to be in talks to acquire a private stake in major blockchain-based enterprises, although names of such firms have not been revealed.

Soros Fund Management was one of many companies that participated in the $200 million funding round for New York Digital Investment Group (NYDIG) in March this year. Other firms that helped to raise the funding include the Stone Ridge Holdings Groups, Morgan Stanley, and MassMutual.

Soros Fund Management is a traditional investment firm that invests in the public equity and fixed income markets across the world.

It is, however, not clear how Soros Fund management plans to trade Bitcoin. An investment stake in the crypto coin should not necessarily be seen as bullish given that in 1992 Soros pocketed $1 billion by betting against the Bank of England, thus cementing his reputation as the premier currency speculator in the globe. His short position against the British pound made $1 billion in a single day and increased the asset under management in his hedge fund.

In recent months, Fitzpatrick has spoken favorably about the flagship cryptocurrency whereby she stated that crypto coins such as Bitcoin are at “an inflection point” that could boost greater adoption in the future.

Institutional crypto interest on the rise 

Such development comes at a time when over 650 US banks would soon be able to provide Bitcoin purchases to more than 24 million total customers. Enterprise payment giant NCR and digital asset management firm NYDIG entered into a strategic partnership deal that would facilitate that business process.

Based on the deal, community banks such as “North Carolina-based First Citizen Bank, and credit unions, including Bay Federal Credit Union in California,” will be able to offer their customers cryptocurrency trading through mobile applications built by the payment provider (NYDIG).

Instead of having to deal with the complex and burdensome regulatory requirements related to holding cryptocurrencies for their clients, the financial institutions that opt to make such services available will rely on NYDIG’s custody services.

This is the latest effort by NCR corporation,”a software technology company based in Atlanta,” to capitalize on demand that is being witnessed from credit unions and banks tired of seeing cryptocurrencies made from their accounts to outside exchanges. By enabling their clients to purchase Bitcoin and spending it within their accounts, the traditional financial institutions are part of an increasing number of firms in direct competition with crypto exchanges.

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