Some of the most well-known figures in the hedge fund industry are going deep into the cryptocurrency space. According to people familiar with the matter, the family office of billionaire George Soros has begun trading bitcoin.

In addition, Steve Cohen’s Point72 Asset Management is seeking to hire a cryptocurrency business executive.

Spokespersons for both companies declined to comment on this rumor.

Point72 has previously announced to investors that it is exploring investing in the cryptocurrency field through its flagship hedge fund or private investment arm. It is unclear what the new cryptocurrency position will involve.

According to sources, Soros Fund Management’s chief investment officer, Dawn Fitzpatrick (Dawn Fitzpatrick), approved traders to start establishing bitcoin positions in recent weeks. As early as 2018, there were reports that the company was preparing to invest in cryptocurrency, but it has not yet acted. At that time, Fitzpatrick gave the green light for Adam Fisher, the head of macro investment at Soros Fund Management Company, to trade virtual currencies, but Fisher left the company in early 2019.

In an interview in March this year, Fitzpatrick stated that Bitcoin is interesting and that the company has been investing in crypto infrastructure such as exchanges, asset management companies and custody companies.

Fitzpatrick said in an interview that people “real concerns about the depreciation of fiat currencies” are driving the demand for cryptocurrencies. She said: “Bitcoin, I don’t think it’s a currency — I think it’s a commodity”, it’s easy to store and transfer, and its supply is limited. But she refused to disclose whether she owns Bitcoin.

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