The top executive of a hedge fund owned by famed billionaire George Soros says that Bitcoin (BTC) has turned a crucial corner and burst into the mainstream.
In a new interview with Bloomberg Live, Soros Fund Management CEO Dawn Fitzpatrick says that both the digital asset market cap and user count are signals that crypto is normalizing in the public eye.
“I’m not sure Bitcoin is only viewed as an inflation hedge here. I think it’s crossed the chasm to mainstream. Cryptocurrencies now have a market cap of over $2 trillion, there’s 200 million users around the world, so I think this has gone mainstream from our perspective.”
Fitzpatrick reveals that the $6,500,000,000 fund owns some Bitcoin, but they are more interested in the use cases that crypto provides, rather than the coins themselves.
“We own some coins, not a lot, and the coins themselves are less interesting than the use cases of DeFi (decentralized finance) and things like that.”
Earlier this year, Fitzpatrick said that Bitcoin is siphoning buyers away from gold, a sentiment recently shared by Social Capital founder Chamath Palihapitiya.
“I think when you look at gold’s 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.”
Bitcoin is exchanging hands at $54,796 at time of writing, a 9% increase from its 24-hour low, according to CoinGecko.
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