Hedge fund BlockTower Capital bets $1m on Bitcoin reaching $50,000

BlockTower Capital, a hedge fund, is behind the bet of $1,000,000 on the possible scenario when Bitcoin reaches $50,000, told Business Insider citing unspecified sources familiar with the matter. The bet was made on LedgerX, a cryptocurrency trading platform. The bet attracted the cryptocurrency community attention due to the current price dynamics of Bitcoin. This volatility one can witness on Coinmarketcap does not look like Bitcoin is going to reach fifty thousand in the near future.

Meanwhile, some investors start to think that the price drop is actually healthy for the cryptocurrency market, as more newcomers can buy Bitcoin and other cryptocoins at more beneficial prices, which will ensure the expansion of the holders. One of such investors is Ari David Paul, who is also one of the founders of BlockTower.

Thanks to the sources of the aforementioned media, now we know who is behind this bet, but we still don’t know who is behind the Pineapple Fund. Another anonymous investor gives away over 86 million dollars in cryptocurrency, telling that if one eats a pineapple all alone, it’s not going to be good. Nobody still knows who it is and how many bitcoins he initially bought, but quite possibly, this is one of the most successful Bitcoin millionaires.