• Alexander Soros took over the Soros Fund Management from his father George and may give more attention to Bitcoin investments.
• Bitcoin is likely to benefit from the SEC’s crackdown on other cryptocurrencies, making it an undervalued asset.
• George Soros has already invested in cryptocurrency-related companies such as Marathon Digital, MicroStrategy, and Silvergate Bank.
Alexander Soros Takes Over Family Business
On June 12th, multibillionaire philanthropist George Soros handed control of his family business, Soros Fund Management, to his son Alexander. At 37 years of age, Alexander must now pay closer attention to digital asset investments with Bitcoin being at the forefront of potential gains.
SEC Crackdown Benefits Bitcoin
The current regulatory environment has reduced the value of many large market-cap altcoins due to delistings from centralized exchanges. This will likely result in investors fleeing CEXs en masse in favor of exchanging their altcoins for Bitcoin or using stablecoins as mediators between crypto and fiat. As of June 12th, bitcoin (BTC) traded at approximately $25,800 following a 3% weekly correction down.
George Soros Has Already Invested in Crypto
Despite once describing bitcoin as a “typical bubble” compared to The Netherlands tulip mania of the mid 1600s and expressing worries about its volatility, George Soros has still diversified his holdings with cryptocurrency investments. His Chief Investment Officer Dawn Fitzpatrick greenlighted bitcoin trading last year and then led a $200 million fundraising round for crypto financial technology company New York Digital Investment Group (NYDIG). In February 2023 an SEC filing revealed that Soros had added positions in crypto related companies such as Marathon Digital (MARA), MicroStrategy (MSTR) and Silvergate Bank by purchasing $39.6 million worth of Marathon convertible debentures.
Whales are Accumulating
On-chain metrics indicate that whales are accumulating more BTC than normal which could be seen as evidence for further growth potential for the digital asset. With a declining supply on exchanges while demand continues to increase this could result in higher prices for bitcoin going forward if Alexander chooses not to miss out on this opportunity now before it is too late .
Alexander now has control over one of the most influential investment firms globally so any decisions he makes regarding cryptocurrency investments will have significant implications for both himself and those who choose to follow him into these markets . While there is no guarantee that he will make moves towards adding Bitcoin or other digital assets into his portfolio , it would certainly be something worth considering given how much potential these assets have shown thus far and what kind of returns they can provide if done correctly .