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Bitcoin Hits Highest Level in Two Weeks as Big-Money Bets Flow

The beat keeps bumping for Bitcoin.
(AndreyKac)
(AndreyKac)
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Bitcoin reached a two-week high after prices rallied to near $54,000, Bloomberg reports.

Price Check (8:45 a.m.):

Why It Matters: Here we are again — Bitcoin continues riding the seemingly never-ending wave of investor interest in alternative crypto assets. In fact, while “high-flying bets” such as Tesla and Cathie Wood’s ARK Innovation ETF have lost significant ground of late, Bitcoin has progressed upward on “news of more institutional involvement in crypto.”

Trend-Setting Moves: “The narrative that longer-term investors such as family offices, insurers and corporate treasurers are adding exposure to tokens is controversial but gaining traction.”

  • NYDIG, which provides “Bitcoin-related financial services,” announced a $200 million capital raise from investors that includes Stone Ridge Holdings Group, Morgan Stanley, New York Life, MassMutual and Soros Fund Management. NYDIG also said Bitcoin adoption is trending upward, “citing data that insurers have more than $1 billion in Bitcoin-related exposure on its platform.”
  • Goldman Sachs recently revealed it’s “seeing substantial demand from institutions as it works to restart its cryptocurrency trading desk.”

Let’s Get Bold: It looks like Bitcoin has some room to run. According to a report by Evercore ISI strategist Rich Ross, Bitcoin could reach $75,000.

The Latest Believer: Oil billionaire, and Norway’s second-richest person, Kjell Inge Rokke publicly stated his support for the cryptocurrency, and Rokke’s Aker ASA is starting a new business to capitalize on the trend.

  • Rokke: “Bit­coin may still go to zero. But it can also become the core of a new monetary ­architecture”
  • He even also touched on the possibility that a multi-million dollar Bitcoin could happen one day.
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