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

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.

https://twitter.com/SquawkCNBC/status/1404424423277486084?s=19

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.