Bitcoin is back! BTC soars past $55,000

Bitcoin soars again and is now on a winning streak. The big-name supporter is the reason behind Bitcoin’s sudden upsurge. On Wednesday morning, the world’s largest cryptocurrency reached a $55,000 mark for the first time after four weeks.

While Bitcoin fell below $50,000 in early September due to a wide cryptocurrency shares selloff, it also hit a low of $40,596 on Sept.21.

Thanks to the prominent user, Bitcoin is now back on its feet. After news came out that Billionaire George Soros’ investment firm owns bitcoin, it soared on high one day after prices surge above $50,000.

What comes next for #bitcoin, a retest of support at 50k or a pump to 60k? pic.twitter.com/4FLCNDkJ5x

— Lark Davis (@TheCryptoLark) October 7, 2021

While other business magnates like mega-billionaire Warren Buffett and JP Morgan Chase CEO Jamie Dimon aren’t open yet to embracing cryptocurrency, the Soros Fund Management thought otherwise. They even foresee the long-term potential of cryptocurrency.

Soros Fund Management CEO Dawn Fitzpatrick said, “I’m not sure bitcoin is viewed only as an inflation hedge here. It’s crossed the chasm to mainstream.” Fitzpatrick said in a Bloomberg interview that Soros Fund Management owns “some coins…but not a lot.”

Other cryptos including Bitcoin have strongly recovered this year. Despite the possibility of stricter regulations in the US and China disputes, the cryptos held sharply. This is mainly due to factors of major financial firms’ investments in cryptocurrencies and rising interest rates.

Actually, for people that onboarded @chivowallet on September 21, the value of their #Bitcoin has gone up 35% in just 15 days.

Millions experiencing DEFLATION in real time. pic.twitter.com/wlGwR78UjQ

— Nayib Bukele (@nayibbukele) October 6, 2021

No doubt Bitcoin is at its peak again as its market value is now back at $1 trillion. While all the other cryptocurrencies have a combined value of $2.3 trillion.

While not everyone, even business entities, thinks that cryptocurrency is for them, the mere fact that the Soros group of companies has now publicly revealed their con crypto proves that they are legitimate.

On a side note, crypto tracker and specialist Coindesk released a review of the market citing 32% gain for Ether and 25% gain for bitcoin. It’s also included in the report how non-fungible tokens (NFTs) are also soaring. NFTs use blockchain to mark ownership of digital stuff like videos, collectibles, images, and land in virtual worlds.