During an interview with Bloomberg TV, Soros Asset Management CIO Dawn Fitzpatrick, one of the most powerful women in the asset-management industry, said her firm is betting on crypto for the long term.
But rather than focusing on the virtual currency itself, Fitzpatrick said she is focusing on "the whole infrastructure" surrounding crypto.
Bloomberg: "Do you have an especially high level of conviction, high or negative, about strategies or themes?"
Fitzpatrick: "We think the whole infrastructure around crypto is really interesting and we have been making some investments into that infrastructure...we think that is at an inflection point."
These "crypto infrastructure" plays include exchanges, asset managers, custodians and companies that purport to help with taxes on crypto gains. Just yesterday, it was reported that Soros Asset Management has invested in Lukka in the company's $53 million Series D funding round. Her comments also come just days after Coinbase, one of the most visible crypto firms, and one of the most popular exchanges.
Also this week: Fidelity announced plans to launch its own bitcoin ETF, the firm's latest step in trying to establish itself as a leading establishment player in helping retirement savers add bitcoin exposure to their portfolios.