Hedge funds push the price of Bitcoin to new highs

The chief executive of JPMorgan Chase, Jamie Dimon, has called Bitcoin a fraud and made it clear that he will not allow his bank to begin trading the virtual currency any time soon.

But that has not stopped a growing wave of big Wall Street investors - many of them hedge funds - from pouring their money into Bitcoin, helping extend an eight-month spike in its price.

The price of a single Bitcoin climbed from below $6,000 two weeks ago to above $7,400 on Monday, more than it moved in the virtual currency’s first seven years in existence.

Read more at New York Times

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