This might be good news for everyone, however, before we larp about this I will also include news articles about 3 of George Soros’ greatest and best investments. You might not be happy.
Am I too much of a skeptic or should we trust what Dawn Fitzpatrick is telling us in this interview?
[Fitzpatrick] When it comes to crypto generally, we're at a really important moment in time, in that, something like bitcoin might've stayed a fringe asset, but for the fact, over the last 12 months, we've increased money supply in the US by over 25%. So there's a real fear of debasing of fiat currencies. And 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 store-able, it's easily transferable, the IRS classifies it as a physical asset, it has a finite amount of supply, and that supply halves every 4 years. So I think it's interesting. And I think by the way, when you look at gold price action, in the context of a fairly robust inflation narrative of late, it's struggled getting traction and I think that's because bitcoin is taking some of its buyer base away.
[Bloomberg]: Do you own any bitcoin?
[Fitzpatrick] {pause} {laughs} I'm not gonna answer that.
[Bloomberg] That is what I would call a mysterious response.
[Fitzpatrick] But I will say, the one thing also, when you think about bitcoin... Central bank digital currencies are going to be here, I think quicker than people expect. China's been running their trial for a while now, and I think there are some strategic reasons why they're going to be a first mover. And I do think, from a geo-political perspective, they want that digital currency to be used around the world and it is a potential threat to bitcoin and other cryptocurrencies.
[Bloomberg] I was just going to say, does that legitimize bitcoin, or does that delegitimize bitcoin?
[Fitzpatrick] So I think it is a real threat, but I think it will be temporary. I don't think they'll be successful in permanently destabilizing bitcoin.
Here's how George Soros broke the Bank of Thailand
According to sources who had knowledge of the Quantum Fund’s positioning at the time, Soros bet just under $1 billion of his total war chest of $12 billion against the baht.
How George Soros Broke The British Pound
What did these people do to make so much money? They bet on the inevitable. They bet that the pound and the other weaker European currencies were overpriced against the deutsche mark. They bet that the politicians and the central banks could not much longer maintain artificially high exchange rates in the interests of European unity.
George Soros 'makes $1.2bn betting against yen'
George Soros, the hedge fund billionaire known as "the man who broke the Bank of England" for his $10bn (£6.4bn) bet against the value of the pound in 1992, has reportedly made more than $1.2bn betting against the yen.
There is no good way to short the Bitcoin on such a scale that I know of, as it is such a volatile asset and you would not currently be able to do it to a large enough scale compared to the other currencies that you stated Soros shorted for huge profits. This indicates the Soros is genuinely attracted to Bitcoin as a longer term asset rather than seeking to engineer some shorter term profits out of it, he might very well be experimenting with this new asset class and appreciates it's anti-inflationary characteristics which look very similar to a gold standard. It's really good news if he is buying into it, however these sort of financiers are very cagey about their activity so you won't find out until long after the fact.
