Amid the cryptocurrency bloodbath in January 2018 and the recent comeback of Bitcoin and major alt coins, one trader made a huge bet by buying $400 million in the “people’s currency”. According to press, the anonymous investor bought Bitcoin when the price was coming to around $6,000, which now puts this person in the Bitcoin billionaire list.
“Not sure who that big buyer was but many have bought this dip and have added since the rebound and additional regulatory clarity in the U.S. and China,” said the founding partner of Tetras Capital, Alex Sunnarborg.
Bitcoin saw its all-time high in December, 2017, when the price of the currency was topping $20,000. Just as the price began to skyrocket, regulators all around the world turned their “eyes” on the cryptocurrency market, and as a result, it lost nearly $550 billion of its value.
It’s now February 17th and Bitcoin has climbed back to the $10,000 price level, leaving many to wonder why the increase in price was so rapid.
The DailySabah reported:
“The unknown trader made his purchase between Feb. 9 and 12, increasing his balance from 55,000 coins to over 96,000, under the bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64.”
“I am willing to believe that, seeing bitcoin bottom around $6,000, Wall Street smelled blood and jumped back in,” Jeff Koyen, president of 360 Blockchain USA, said.
One of the major factors that investors and traders are forgetting now is the fact that Bitcoin is going to come stronger and better in 2018. Currently, it is reported that the Bitcoin developer community is working hard to lower the fees that come with the currency and the overall speed and efficiency of Bitcoin. With such improvements planned and the possibility of a Bitcoin ETF, this gutsy trader’s move has obviously paid off.