Publish date:

Soros Fund Management Hops on the Bitcoin Bandwagon

'I think it’s crossed the chasm to mainstream,' Soros' CEO Dawn Fitzpatrick said of bitcoin, explaining the firm's investment.
Author:

Soros Fund Management, the money management firm founded by hedge fund icon George Soros, apparently has joined the bitcoin craze.

The family office holds “some coins … but not a lot,” its CEO Dawn Fitzpatrick told Bloomberg.

“I’m not sure bitcoin is only viewed as an inflation hedge here,” Fitzpatrick said. “I think it’s crossed the chasm to mainstream.”

Bitcoin has had a volatile 10 days, falling as low as $40,932 Sept. 27 and then rebounding as high as $55,568 Tuesday, up 36%. The digital currency recently traded at $53,884, down 2%.

How to Invest in Companies Doing Business in the Crypto Ecosystem

TheStreet.com’s Brent Kenwell offered guidance Thursday on how to trade the cryptocurrency:

TheStreet Recommends

From here, I’d love to see bitcoin hold the September high as support, at $52,900.

That gives more credibility to the monthly-up rotation that began with Wednesday’s action.

If this level is lost, Bitcoin still looks OK as long as it holds the 61.8% retracement and the $50,000 level.

Below $50,000 and the 10-day moving average is in play, along with $47,200.

On the upside, a move above this week’s high opens the door to the 78.6% retracement near $57,175. Above that could put $60,000 in play, followed by a push to the highs near $65,000.

Should bitcoin make that big of a push, it is bound to dip along the way. The key for bulls will be for the cryptocurrency to hold key levels and short-term trend measures.

If it can do this, we could see a strong fourth-quarter push. But given the recent volatility, we also can’t rule out a deeper pullback.”