The famous billionaire may become one of the first investors in the DeFi industry
Don Fitzpatrick, CIO of the Soros Fund that manages the personal capital of billionaire George Soros – best known for his donations to the Democratic Party and promoting liberal ideas – said in an interview with Bloomberg that the fund has “some coins” as it looks to explore the DeFi industry.
Soros’ fund manager said he started making profits in March 2020, right when the market crash occurred due to the pandemic. But at the same time, the fund is interested in buying recovery stocks, which are still very cheap. The main reason is the abundance of liquidity in the American economic system.
While Soros Fund is getting more cryptocurrency, he is definitely staying away from investing in the Chinese economy. Previously, Soros himself said that the Chinese government is behaving irrationally, and investors cannot feel safe while investing in the country’s economy.
Regarding cryptocurrencies, Fitzpatrick said that the fund is more interested in the technology and solutions that decentralized technologies bring to the table rather than the cryptocurrency itself.
Institutional investors are gradually moving into the digital asset industry as they discover some favorable investment opportunities such as decentralized finance or token offerings – which usually offer more returns than traditional assets.
