Bitcoin and other cryptocurrencies hit new highs overnight, with Bitcoin hitting a new high of over $68,500.
In recent years, cryptocurrencies have gone from being relatively obscure to being adopted by wider groups, including a number of professional investors.
Last night, Bitcoin surged to $68,654, and the second largest cryptocurrency, Ethereum, rose to $4,825. This is a new record, according to Reuters. Both currencies have more than doubled since June.
“We have a feeling the market has changed,” Matthew Depp of Stack Funds Cryptocurrency Director tells Reuters.
He points out that many large investors and pension funds have now jumped on the crypto boom. The US government recently approved an exchange-traded fund (ETF) linked to bitcoin.
Reuters writes that concerns about inflation may have contributed to an increase in interest in investing in cryptocurrencies.
Røkke Bought Bitcoin
Popular Norwegian investors have also opened their eyes to Bitcoin. Billionaire and industrial builder Kjell Inge Røkke bought 1,170 bitcoins in April through Seetee Aker, worth about NOK 500 million. Then the bitcoin exchange rate was $50,000.
According to today’s exchange rate, 1,170 bitcoins will be worth about 680 million kroner.
Investor Øystein Stray Spetalen is also said to have been involved in bitcoin, after first referring to the cryptocurrency as a “nonsense currency” at the DNB Invest conference. Spetalen later became a co-owner of the cryptocurrency exchange Mirai Exchange, now called Firi, according to Finansavisen.
next week Bitcoin will make its biggest upgrade in several years, called Taproot. shall according to CNBC Opening up new opportunities, among other things, by facilitating the conclusion of contracts without the need for intermediaries.
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