Bitcoin is currently standing at $6,800. After a weekend rise to $7,000, the coin’s ascension was halted suddenly and fell back to the $6,700 mark. It has risen by over $100 since yesterday.
The previous rise could be attributed to major financial players getting involved in the crypto space. After repeatedly calling bitcoin a “bubble” and “mere speculation,” wealthy hedge fund manager George Soros gave his company Soros Fund Management a clear path towards cryptocurrency investments and announced that the venture would start trading cryptocurrencies within the coming months.
Considering Soros’ power in the financial industry, it’s safe to say that his previous statements regarding bitcoin’s legitimacy (or lack thereof) delivered some serious gut punches to advocates.
His entry into the crypto-arena ultimately cleared the way for other financial magnates to become involved. Not long after Soros’ announcement, the famed Rockefeller family of New York released the news that their company Venrock – the venture capital firm of the Rockefeller Foundation – would be partnering with cryptocurrency and blockchain advisory firm Coinfund.
Both groups can allegedly bring immense power to the digital asset world, and push it further towards mainstream acceptance and full financial recognition.