An unknown trader has invested close to $400 million in Bitcoin (TIKER: BTC.EXANTE), MarketWatch reports.
The trader with the Bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 purchased the coins between Feb. 9 and Feb. 12, taking his/her Bitcoin balance from 55,000 coins to more than 96,000.
The purchase comes as cryptocurrencies are making a comeback after a dreadful start to 2018.
“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.
Whoever the buyer, the trader is now joining the Bitcoin billionaires club as the value of his/her portfolio currently stands at nearly $1.1 billion.
The price of Bitcoin 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.