• BTC Whales Are Making a Spike: Is George Soros Bitcoin’s Newest Influencer?

  • After struggling for weeks to maintain a position above the $50k mark, Bitcoin finally smashed through the long-fought resistance on Wednesday, registering a 3-month all-time high to land at $56k. This time, some investors believe George Soros is a driving force behind the move.

    The popular investment firm, Soros Fund Management, owned by one of the world’s richest billionaires, George Soros, added some Bitcoin to its asset base late Tuesday, and the apex cryptocurrency began to see tremendous gains of up to 9% yesterday.

    Dawn Fitzpatrick, CEO of Soros Investment, praised the digital asset’s efforts to overcome years of opposition and establish itself as an undeniable mainstream currency. Fitzpatrick stated that his company owns a small amount of Bitcoin and that he believes Bitcoin should no longer be viewed as an inflation hedge because it has “crossed the chasm to the mainstream.”

    Is it possible that it’s this whale?

    While the market was reacting to Soros’s participation in Bitcoin, an unidentified whale quietly spent over $1.6 billion on Bitcoin, driving prices to new highs and breaking Tesla’s single $1.5 billion purchase in February.

    With the purchase, Bitcoin regained its long-lost trillion-dollar market cap threshold, edging out social media behemoth Facebook in market value and raising the total cryptocurrency market value to $2.3 Trillion — a figure that is only slightly less than Apple’s (AAPL) market cap.

    Ex-Influencers Reminisce

    Elon Musk became an undisputed Bitcoin influencer and enjoyed the rare privilege of sending prices north or south with a tweet back in February, when Tesla announced its own purchase of Bitcoin and the now-cancelled plans to accept BTC as an additional payment option.

    Elon’s privilege quickly dwindled when he began to raise concerns about the energy efficiency of Bitcoin’s mining process, forcing the community to make minor improvements while building a resistance to Elon’s influence.

    One more stumbling block

    Even after the US proposed stricter regulatory laws and China announced a total ban on all forms of cryptocurrencies, Bitcoin has continued to build resistance and suffered less price loss. Many investors predict a $100k ATH before the end of the year, and confidence is building.

    Even if this goal is not met, the reality of gaining legal acceptance in El Salvador, as well as the possibility of Brazil and Tonga following suit, is a significant victory for Bitcoin and the cryptocurrency industry. For the time being, Bitcoin has only one more hurdle to clear before venturing into uncharted territory: the $65k overall ATH resistance.

    What's your reaction?