Even the most conservative investment companies are joining the crypto world little by little. Just six months ago, one could hardly imagine that Soros Fund Management (SFM) would become a participant of the crypto market. Now, the company is planning to start trading bitcoin as part of its strategy aimed at a broader exploration of digital assets.
The company established by billionaire George Soros intends to invest in the first cryptocurrency. According to Dawn Fitzpatrick, the chief investment officer for Soros Fund Management, the board of directors has recently given “the green light to trade bitcoin and possibly other cryptocurrencies”. The decision was made after a large-scale exploration of the cryptocurrency market situation. The Management of SFM supposes that the latest venture is “more than just kicking the tires” on digital assets. What is more, Fitzpatrick is also reportedly negotiating the acquisition of a private stake in leading blockchain-based enterprises.
At the same time, experts at JPMorgan emphasize that institutional investors are losing interest in bitcoin. After the recent correction, “institutional interest in Bitcoin (BTC-USD) has dried up or even turned negative”, one of JPMorgan global market strategists said. At the moment, the inflow of institutional funds in bitcoin is significantly lower than in the fourth quarter of 2020. In general, the market has entered a bearish phase. If bitcoin's market share surges by 50% or more, the market is likely to become bullish again.
