Paul Tudor Jones says Bitcoin Would Certainly Make Atleast 5% of His Portfolio

By Prashant Jha
Published June 14, 2021 Updated June 14, 2021
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Paul Tudor Jones says Bitcoin Would Certainly Make Atleast 5% of His Portfolio

By Prashant Jha
Published June 14, 2021 Updated June 14, 2021

Paul Tudor Jones, the American billionaire, and hedge fund manager in his recent interview with CNBC said that he loves Bitcoin and sees it as a great portfolio diversifier. He went on to add that his portfolio would certainly include at least 5% allocation in Bitcoin.

When asked about the reasoning behind his Bitcoin backing, Jones said the maths behind it makes it reliable, certain and something which would continue to flourish. Elaborating on his 5% Bitcoin portfolio allotment, he said a lot depends on the regulations and what Feds decide to do about the crypto assets. He added Feds decision around Bitcoin would decide the fate of the remaining 80% of his portfolio.

Talking about Bitcoin mining and the recent discussions around its impact on the environment, Jones pointed towards the carbon footprint of gold mining. However, he also recommended that a more renewable solution should come up to make Bitcoin mining greener. He said,

“It takes more energy to mine Gold than Bitcoin. Clearly, I have concerns over environmental impact…if I was the king of the whole world, I would ban Bitcoin mining until the ecosystem finds better alternatives.

Jones entered the Bitcoin market last year and has become a big advocate for the top cryptocurrency since then.

Bitcoin price Breaks Key Resistance

Bitcoin price today rose over 13% to break through the key resistance of $40,000 for the first time since May 27. The price rose from a daily low of $35,730 to record a new 2-week high of $40,773. The price of bitcoin has been consolidating under $40k for nearly 4 weeks since the market crash last month. The major correction wiped out more than $500 billion from the crypto market.

The next crucial level is $42k, passing which BTC can see a lift of up to $50,000.

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1203 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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