{"id":466632,"date":"2021-07-01T14:26:48","date_gmt":"2021-07-01T14:26:48","guid":{"rendered":"https:\/\/wncen.com\/?p=466632"},"modified":"2024-06-11T13:56:44","modified_gmt":"2024-06-11T13:56:44","slug":"bitcoin-wallet-accumulates-160k-btc","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-wallet-accumulates-160k-btc\/","title":{"rendered":"Coincidence? Bitcoin Wallet Accumulates 160K BTC As Soros Fund Talk Spreads"},"content":{"rendered":"

As Bitcoin struggles to make a decisive move upwards, big news has had little effect to aid the bulls during this ongoing sell-off. From Morgan Stanley<\/a> buying 28,000 shares of the Grayscale Bitcoin Trust (GBTC) to MicroStrategy holding over 100,000 BTC<\/a>, to 640 banks in the U.S. offering BTC to their clients, many announcements have gone relatively unnoticed as BTC\u2019s price bleeds.<\/p>\n

The entry of the investment giant Soros Fund Management into the crypto market could have the same fate. The investment firm has $28 billion in assets under management and has begun to actively trade Bitcoin, according to a report<\/a> by TheStreet.<\/p>\n

This news website cites two sources familiar with the matter. The firm executives gave the green light for the operation and could trade with other cryptocurrencies.<\/p>\n

These events have an apparently small impact on BTC\u2019s price,<\/a> in the long run, they could create more demand or push down the market. It depends on how the Soros Fund will trade Bitcoin.<\/p>\n

In the crypto community, some have begun to speculate on the possible effect on the market. Pseudonym trader and analyst Byzantine General jokingly tweeted<\/a> about a \u201cmassive wallet inflow bubble\u201d when BTC\u2019s price was at $32,000 and asked his followers: Did Soros acquire a bag?<\/p>\n

Yes, you read that right. That’s a 163,300 bitcoin inflow which is still sitting there in the wallet it got sent to.<\/p><\/blockquote>\n

The investment firm\u2019s founder George Soros is also known as \u201cThe man who broke the bank of England\u201d. This is due to a short position that he took against the British pound sterling that made him a profit of over $1 billion during the currency crisis of 1992.<\/p>\n

Although Byzantine General made a joke with his tweets, many in the crypto community expressed concerns that the fund could \u201cbreak Bitcoin\u201d just as well. Others fear that this giant wants to make the crypto market their personal whale playground<\/a>. Time will tell.<\/p>\n

Bitcoin At An Infection Point? A True Hedge Against Inflation<\/h2>\n

On the other hand, it’s positive that BTC adoption continues to rise amongst institutions such as the Soros Fund Management. Back in March 2021, its CIO Dawn Fitzpatrick talked about how Bitcoin was at an inflection point.<\/p>\n

At that moment, she revealed that the firm made investments in crypto infrastructure and praised the industry for its significant maturation. An asset such as BTC becomes more relevant in the current macro-economic environment. The Soros Fund CIO said:<\/p>\n

When it comes to crypto in general, I think we are at an important moment in time. Something like Bitcoin could have remained a static asset, but the fact that in the last 12 months we have increased the money supply by 25%, there is a real fear of currency devaluation.<\/p><\/blockquote>\n

For Fitzpatrick, BTC is a commodity, a physical asset with better features than gold. With the rise of central bank digital currencies (CBDC), the executive believes BTC will gain more relevance. This narrative has been gaining momentum as China moves to further test its digital yuan.<\/p>\n

At the time of writing, BTC trades at $35,577 with 3.41% losses in the daily chart. The cryptocurrency was rejected in the mid-range of its current levels and now sits at support<\/a>. If it loses this price, investors could see another retest of support at $30,000.<\/p>\n

\"Bitcoin
BTC moving sideways on critical support. Source: BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

As Bitcoin struggles to make a decisive move upwards, big news has had little effect to aid the bulls during this ongoing sell-off. From Morgan Stanley buying 28,000 shares of the Grayscale Bitcoin Trust (GBTC) to MicroStrategy holding over 100,000 BTC, to 640 banks in the U.S. offering BTC to their clients, many announcements have gone relatively unnoticed as BTC\u2019s price bleeds. The entry of the investment giant Soros Fund Management into the crypto market could have the same fate. The investment firm has $28 billion in assets under management and has begun to actively trade Bitcoin, according to a report by TheStreet. This news website cites two sources familiar with the matter. The firm executives gave the green light for the operation and could trade with other cryptocurrencies. These events have an apparently small impact on BTC\u2019s price, in the long run, they could create more demand or push down the market. It depends on how the Soros Fund will trade Bitcoin. In the crypto community, some have begun to speculate on the possible effect on the market. Pseudonym trader and analyst Byzantine General jokingly tweeted about a \u201cmassive wallet inflow bubble\u201d when BTC\u2019s price was at $32,000 and asked his followers: Did Soros acquire a bag? Yes, you read that right. That’s a 163,300 bitcoin inflow which is still sitting there in the wallet it got sent to. The investment firm\u2019s founder George Soros is also known as \u201cThe man who broke the bank of England\u201d. This is due to a short position that he took against the British pound sterling that made him a profit of over $1 billion during the currency crisis of 1992. Although Byzantine General made a joke with his tweets, many in the crypto community expressed concerns that the fund could \u201cbreak Bitcoin\u201d just as well. Others fear that this giant wants to make the crypto market their personal whale playground. Time will tell. Bitcoin At An Infection Point? A True Hedge Against Inflation On the other hand, it’s positive that BTC adoption continues to rise amongst institutions such as the Soros Fund Management. Back in March 2021, its CIO Dawn Fitzpatrick talked about how Bitcoin was at an inflection point. At that moment, she revealed that the firm made investments in crypto infrastructure and praised the industry for its significant maturation. An asset such as BTC becomes more relevant in the current macro-economic environment. The Soros Fund CIO said: When it comes to crypto in general, I think we are at an important moment in time. Something like Bitcoin could have remained a static asset, but the fact that in the last 12 months we have increased the money supply by 25%, there is a real fear of currency devaluation. For Fitzpatrick, BTC is a commodity, a physical asset with better features than gold. With the rise of central bank digital currencies (CBDC), the executive believes BTC will gain more relevance. This narrative has been gaining momentum as China moves to further test its digital yuan. At the time of writing, BTC trades at $35,577 with 3.41% losses in the daily chart. The cryptocurrency was rejected in the mid-range of its current levels and now sits at support. If it loses this price, investors could see another retest of support at $30,000.<\/p>\n","protected":false},"author":535,"featured_media":466633,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-466632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nCoincidence? 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Coincidence? Bitcoin Wallet Accumulates 160K BTC As Soros Fund Talk Spreads","url":"http:\/\/wncen.com\/news\/bitcoin-wallet-accumulates-160k-btc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-wallet-accumulates-160k-btc\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-BTC-BTCUSD.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/Bitcoin-BTC-BTCUSD.jpg?fit=848%2C556"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2021-07-01T14:26:48Z","datePublished":"2021-07-01T14:26:48Z","dateModified":"2024-06-11T13:56:44Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Coincidence? 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