[Bitcoin Now] Market Cap Surpasses $1 Trillion Again... Soros Fund Also Holds Cryptocurrency Directly

Market Cap Surpasses $1 Trillion for the First Time Since May
Don Fitzpatrick, CEO of Soros Fund: "Also Interested in Decentralized Finance"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has risen to the 66 million KRW range, pushing its market capitalization past $1 trillion (approximately 1,190.8 trillion KRW) once again. News that the Soros Fund, led by George Soros, a renowned hedge fund pioneer, holds Bitcoin has acted as a positive catalyst.

According to the domestic cryptocurrency exchange Upbit, as of 2:55 PM on the 7th, Bitcoin was recorded at 66.44 million KRW, down 0.83% compared to the previous day. The day before, Bitcoin surged 8.65% in a single day, settling in the 66 million KRW range. It even rose to 67.63 million KRW at 8:12 AM that day.

Bitcoin's market capitalization also surpassed $1 trillion. According to CoinMarketCap, a cryptocurrency market data site, on the 6th (local time), Bitcoin's market cap reached $1.0428 trillion. This is the first time since May 11 that Bitcoin's market cap has exceeded $1 trillion. At that time, Bitcoin's price was above 70 million KRW. In July, due to a sharp drop in Bitcoin's price, the market cap shrank to as low as $593 billion.

The participation of prominent institutional investors is interpreted as having a positive impact on Bitcoin. According to U.S. economic media Bloomberg on the 5th, Don Fitzpatrick, CEO of Soros Fund, stated, "We hold a small amount of cryptocurrency," and explained, "Bitcoin can be considered mainstream as it has 200 million users worldwide."

The Soros Fund is expected to use cryptocurrency not only as a hedge against losses but also in finance. CEO Fitzpatrick said, "Cryptocurrency can play a role beyond just a hedging tool," adding, "We are also paying close attention to decentralized finance (DeFi) cases beyond cryptocurrency itself." DeFi refers to systems that provide various financial services using blockchain technology without central control by governments or corporations.

Although the Soros Fund has shown interest in cryptocurrency before, this is the first time it has directly held it. In July, the Soros Fund allowed trading of Bitcoin and others within its managed funds, but this was only indirect investment. Additionally, in March, it invested about $200 million in the cryptocurrency investment firm New York Digital Investment Group (NYDIG).

Soros is famous as a master of short selling. Short selling is a method where stocks are borrowed and sold when a decline in stock prices or indices is expected, then repurchased later to realize profits. In 1992, Soros shorted the British pound, causing economic damage to the UK. He criticized Bitcoin as being in a bubble at the 2018 World Economic Forum in Davos, Switzerland.

This content was produced with the assistance of AI translation services.