Bitcoin soars past US$55,000 on George Soros fund endorsement
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The price of the world's most valuable cryptocurrency spiked Wednesday morning to around US$55,000, following news that the investment firm founded by billionaire George Soros owns bitcoin.
The price of the world's most valuable cryptocurrency spiked nearly 10% Wednesday morning to around US$55,000, following news that the investment firm founded by billionaire George Soros owns bitcoin.
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.
