As per the report, the investment was made in the second half of last year when the price of Bitcoin was slightly above $21,000. Given the price at the time of the purchase, Altshuler probably invested in December last year. With Bitcoin sitting at over $55,000 as of press time, Altshuler’s initial investment of $100 million could have been worth over $200 million. However, the CEO of the firm disclosed that his company took profits on about a third of the initial investment when Bitcoin hit new highs in early February.
Given the rising popularity of Bitcoin and the influx of institutional investors, there may be other Israeli-based investors. However, Altshuler is currently the only know Israeli institution to invest such a huge amount in the leading cryptocurrency.
Rising institutional demandBitcoin and its offerings are growing more popular across the globe. The asset has become a major attraction for big-money players, with some investors viewing it as a hedge against inflation.
Just last week, Chinese beauty app maker Meitu revealed an investment of $40 million into Bitcoin and Ethereum.
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Source: Cryptocurrency - investing.com
