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After September’s slump, Bitcoin reached $55K on Wednesday morning Singapore Time (GMT+8), its highest level in five months. The possible catalyst may be news that the billionaire investor, George Soros trades in Bitcoin.
With bitcoin rallying above $55,000 for the first time since May, cryptocurrency miners are holding onto their newly minted currencies to bolster their balance sheets.
Soros, who is famous for making big money on traditional currency investments, is rumored to have been trading in bitcoin for the past few months. The bitcoin surge comes one day after prices popped above $50,000 for the first time in four weeks.
And the head of Soros Fund Management argues bitcoin has even more long-term potential: "I'm not sure bitcoin is viewed only as an inflation hedge here. It's crossed the chasm to mainstream," said Dawn Fitzpatrick, CEO and chief investment officer of Soros Fund Management, in an interview at the Bloomberg Invest Global Summit late Tuesday.
Fitzpatrick told Bloomberg that Soros Fund Management owns "some coins...but not a lot." Bitcoin and other cryptos have rallied sharply this year, despite concerns about a crackdown in China and the possibility of tougher regulations in the United States. That's thanks to factors like rising interest rates and the fact that more big financial firms are investing in digital currencies.
The value of all bitcoins in circulation is now back above $1 trillion — more than the market value of Facebook. And all cryptocurrencies together represent $2.3 trillion in circulation, matching the market value of the most highly valued stock: Apple.
(Article Courtesy of CoinDesk and CoinTelegraph)