Bitcoin Tops $20,000 for First Time

Bitcoin surged above $20,000 on Wednesday for the first time in its 11-year history, part of a furious rally that has seen the digital currency double since September. It most recently was up 5.4% at $20,501, according to CoinDesk, and earlier traded as high as $20,789.58. The move above $20,000 is the latest bullish sign for cryptocurrencies, which after years of operating in the fringe are beginning to be taken more seriously by professional investors. A string of well-known investors and companies have publicly unveiled bitcoin holdings this year, including hedge-fund managers Paul Tudor Jones and Stanley Druckenmiller, insurance giant MassMutual and other companies including Square Inc. and MicroStrategy Inc. The record came after the U.K. investment firm Ruffer Investment Management disclosed that it was holding about $744 million of bitcoin.

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