George Soros' family office has been actively trading bitcoin since his CIO, Dawn Fitzpatrick, gave the green light, reported The Street on Wednesday.

Soros Fund Management began studying a possible entry into the cryptocurrency market in 2018, but has only recently really entered.

In an interview with Bloomberg in March, Fitzpatrick said the fear that governments and central banks were degrading fiat currencies and boosting demand for bitcoin. And she even said that she sees bitcoin more as a commodity than a currency.

George Soros was the last big name on Wall Street to enter the market. Paul Tudor Jones was one of the first. And now we have evidence that Steve Cohen will be next, with his background trying to hire a cryptocurrency boss.

This tells us a lot about the appetite of institutional investors and how they see the huge opportunity that has opened up with the recent drop in prices.