The price of Bitcoin surged 10% to more than $55,000 U.S. after news broke that the investment firm founded by billionaire George Soros owns the world’s biggest cryptocurrency.
Soros, who is famous for making money on traditional currency investments, is reported to have been trading in Bitcoin for the past few months.
While the price of Bitcoin pulled back a bit in pre-market trading Thursday (October 7), it has rallied in recent weeks following a summer slump.
Bitcoin and other cryptocurrencies have rallied sharply this year, despite concerns about a crackdown in China and the possibility of tougher regulations in the U.S.
The value of all Bitcoins in circulation is now back above $1 trillion U.S. and all cryptocurrencies together represent $2.3 trillion U.S. in circulation, matching the market value of the most highly valued stock: Apple (NASDAQ:AAPL).
Despite Soros jumping on the Bitcoin train, several prominent business leaders and investors continue to express reluctance to embrace cryptocurrencies. Warren Buffett, for example, continues to criticize Bitcoin. And so does JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon.
But the fact that the Soros family office, which manages money for the billionaire philanthropist, now has some exposure to Bitcoin adds to the legitimacy of the digital asset.
