Big Money is Moving into Bitcoin and Etherium

Bitcoin has been trading over $30,000 and Etherium is over $1000. Bitcoin is up 300% since late in 2020.

Bitcoin gained the public support of more billionaires and mainstream investors. Paul Tudor Jones and Stanley Druckenmiller have both put money in bitcoin and pointed out its potential as an inflation hedge. Paul Tudor Jones II founded his hedge fund, Tudor Investment Corporation in the 1980s and founded the Robin Hood Foundation. Stanley Druckenmiller is the former chairman and president of Duquesne Capital, which he founded in 1981. He closed the fund in August 2010 when Duquesne Capital had over $12 billion in assets. From 1988 to 2000, he managed money for George Soros as the lead portfolio manager for Quantum Fund.

PayPal and Fidelity are now supporting cryptocurrency. Square and MicroStrategy are buying bitcoin.

The cryptocurrency rules are now more clear than the price surge that ended in 2017 for Bitcoin.

There are NOT as many transactions going through cryptocurrency as there is through credit cards. However, there is $30 billion a day in transactions through Bitcoin. This is 15 times the volume of Paypal transactions.

Gali of Hyperchart believes the bull case for Bitcoin is the digital gold 2.0. The printing of massive amounts of money (US dollars) will drive inflation.

SOURCES- CNBC, Wikipedia
Written by Brian Wang,