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Bitcoin price climbed above $ 16,000, reaching a new milestone on its march toward its record high near $ 20,000

Bitcoin price has risen above $ 16,000 – hitting a seemingly weekly new milestone in the march towards record highs near $ 20,000. Typical Bitcoin investors have become much more organized, resulting in less volatility and less attention to psychological resistance levels.

bitcoin-price-climbed-above-16000

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price climbed above $ 16,000, reaching a new milestone on its march toward its record high near $ 20,000

The rapid rise in prices may make it less likely to be seen by those on Wall Street as a means of exchange, although it could bode well for the eventual mass adoption of stablecoins.

Some hedge fund investors are easing their cautiousness towards Bitcoin as it continues to soar.

Stanley Druckenmiller, the head of Duquesne Capital Management, once stated in 2018 that he doesn’t want to own Bitcoin. However, now he discloses he has bought some Bitcoin and thinks it might outperform gold.

Famed value investor Bill Miller strongly recommended bitcoin to CNBC at its current prices and called it the single best-performing asset class of the last year, five years, and 10 years.

On the other hand, veteran Wall Street investor Mike Novogratz revealed how much cryptocurrency he owned in a recent podcast. In it, he also revealed his thoughts on Bitcoin and the broader cryptocurrency market.

Along with investors like Pantera Capital’s Dan Morehead, Novogratz bought around 30,001 BTC, currently valued at $ 480 million, when the coin was trading around $ 100. He said that he sold most of the coins on the rise, though still holds some to this day.

Speaking of Ethereum, he said that he bought the cryptocurrency from the project’s founder, Vitalik Buterin. In a non-prescription transaction, Novogratz bought 500,000 ETH from Buterin for $ 0.99 per coin. Novogratz joked that Buterin gave him a penny per coin because he was too slow to buy.

While those 500,000 ETH will be worth $ 230 million now and $ 725 million at ETH’s all-time high, the Wall Street investor admits that he has sold a lot of money on the rise.

Novogratz specifically called back once he gave a speech when ETH was at $ 80 and told the crowd they shouldn’t see a trending asset and then sell the coin a day later with a price of 130 dollars.

He did not disclose how much Bitcoin and Ethereum he owns today but has repeatedly stated that he has at least 25% of his net worth in liquid cryptocurrencies. As the CEO of Galaxy Digital, a crypto commercial bank, he’s also exposed the space through equity and occupational risk

In another development, Gary Gensler, the former chairman of the CFTC, was tapped to lead John Biden’s financial policy transition team. He has spoken about his “blockchain duck test” in the past to determine whether a token is a security and has concluded that XRP and ether should be regulated as securities.

You can see the Bitcoin price here.

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