Go big or go home. That’s the motto of one mysterious investor who put his chips on the table, buying close to $400 million of the No.1 digital currency, bitcoin.
The purchase comes as cryptocurrencies are making a comeback after a dreadful start to 2018. Major digital currencies lost as much as 50% to start the year as growing regulation and security fears crippled the market, seeing traders bail on their positions. However, the tide has turned.
The price of bitcoin BTCUSD, -6.35% has increased more than 60% since trading under $6,000 on February 6, pushing back above $10,000, helped by signs of growing recognition of digital currencies from officials in Washington.
“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 Asia,” Alex Sunnarborg, Founding Partner of Tetras Capital said.
The unknown trader with the bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 purchased the coins between Feb. 9 and Feb. 12, taking his bitcoin balance from 55,000 coins to more than 96,000.
“How can you make plans for a business when you don’t know how much it has in the bank?
“Today it’s like $300-400 million or so — probably less so now,” says Dominik Schiener when I spoke to him on Monday.
Schiener is the chairman of the IOTA Foundation, the not-for-profit set up to develop the IOTA network. IOTA aims to be a cryptocurrency for the internet of things (think cars and petrol stations communicating with each other over the internet — that kind of thing). As machine-to-machine contact grows, IOTA wants to be the currency that powers their transactions.
When it launched in 2015, the project raised 1,300 bitcoins through an “initial coin offering”, a portion of which went to the foundation. IOTA’s crypto token, the MIOTA, is now the 11th biggest cryptocurrency, with $5 billion-worth in circulation.”
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When Eddy Zillan started trading in cryptocurrencies three years ago, he was 15 — too young to open an account on the trading platform Coinbase, which requires its users to be at least 18 years old.”
But Zillan glossed over the site’s terms of agreement and opened an account on Coinbase and another trading platform called Kraken, cautiously purchasing $100 worth of the cryptocurrency ether.
Zillan says he was initially skeptical of putting his money into the fledgling cryptocurrency market, which he’d first heard about in reference to the now defunct drug-trading website Silk Road. When Zillan began investing in 2015, there were few credible resources offering advice on how to invest in cryptocurrencies.
“At the time I invested, there were no YouTubers, there were no investors, there was no one I could learn from,” Zillan said in an interview with Business Insider. “There were no books or mentors, and it was really hard to teach myself a formal education in that field.” ”
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