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Endorsements behind bitcoin boom – With insights from The Wall Street Journal
'Paper money is being debased, and bitcoin is not.' The cryptocurrency is trading near its record high again, with a new group of buyers behind this surge.
Former hedge fund manager Stanley Druckenmiller, who made his name during a dozen years (to 2000) as lead portfolio for George Soros's Quantum Fund, has joined the bitcoin bulls. Druckenmiller told the world he has stocked up on gold and bitcoin because inflation will rise sharply due to massive money creation by the US Federal Reserve (and other central banks). Of the two defensive assets he prefers bitcoin because of limited supply. His endorsement helped the cyber currency surge this month, challenging all time highs. All the detail about the latest bitcoin boom in the article below from our partners at the Wall Street Journal. – Alec Hogg
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