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Bitcoin Tops $10,000 First Time Since February, Before Halving

Great Article By @Bloomberg

Bitcoin rose as much as 2.7% to a high of$10,070on Friday in Asia trading, briefly taking it into five figures for the first time since Feb. 24, and was holding at$9,929at 7:40 a.m. in New York. That’s before the cryptocurrency’s upcoming halving, when the rewards miners receive for processing transactions will be cut in half as soon as next week, an intentional feature of Bitcoin designed to control inflation.

Paul Tudor Jones, founder and chief executive of Tudor Investment Corp., said hebought Bitcoinfutures as a hedge against inflation he sees being stoked by massive fiscal spending and bond-buying by central banks to combat the pandemic. Jones previously dabbled in Bitcoin in 2017, doubling his money before exiting the trade near its peak at almost$20,000.

While Bitcoin has been notoriously volatile over the years and crashed spectacularly after a peak near$20,000in December 2017, it has also slowly been making inroads. Regulated exchanges have gradually been offering more in the way ofproductslike futures and options around the asset and institutional interest has been building.

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