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Bitcoin breached the $20,000 level for the first time in history, as crypto enthusiasts pointed to increased demand from institutional investors for the red-hot digital currency.
Analysts say it’s gotten a boost from big-name investors such as Paul Tudor Jones and Stanley Druckenmiller moving their own assets into the cryptocurrency, while tech firms such as Square and MicroStrategy have used their own balance sheets to buy bitcoin.
“This is the domino effect as asset managers tumble their portfolios into bitcoin,” Charles Hayter, CEO of crypto market data provider CryptoCompare, told CNBC.
“$20,000 is undoubtedly a momentous milestone for bitcoin,” said Yoni Assia, CEO and co-founder of online investment platform eToro.
“Bitcoin diversifies the company’s (much larger) investments in gold and inflation-linked bonds, and acts as a hedge to some of the monetary and market risks that we see.”
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