Baxia Markets
October 14, 2021

Bitcoin recovers from the small dip, momentum still strong

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Soros' family office holds "some coins, but not a lot," according to Dawn Fitzpatrick, CEO and chief executive officer of Soros Fund Management, who told Bloomberg last week. Bitcoin's price jumped about 10% to around $55,000 as a result of the announcement. Soros, dubbed "the man who wrecked the Bank of England," took a $1 billion wager against the British pound in 1992. So it's no surprise that his crypto support was well-received by investors, especially after he previously classified Bitcoin as a "typical bubble" in 2018.




Meanwhile, a senior Bank of England policymaker has warned that digital currencies like bitcoin might cause a financial crisis unless governments implement strict controls. Sir Jon Cunliffe, deputy governor of the Bank of England, compared the rise of cryptocurrencies to the skyrocketing value of US sub-prime mortgages before the 2008 financial crisis, and warned that financial markets could be jolted in a few years by a similar event. Despite the choppy waters, Bitcoin is still on its path to a new all-time high.


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