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.
— Squawk Box (@SquawkCNBC) June 14, 2021
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.