Paul Tudor Jones, the American billionaire and hedge fund manager said in the recent interview with CNBC that he loves Bitcoin and sees BTC as a great portfolio diversifier. He added that his portfolio would certainly include at least 5% allocation in Bitcoin.
When asked why he is betting on Bitcoin, Jones said that the math behind it makes it reliable and secure and something that will continue to flourish. About his 5% Bitcoin portfolio allocation, he said that much depends on the regulations and what the feds decide about the crypto assets. He added that the Feds ‘ decision around Bitcoin would decide the fate of the remaining 80% of his portfolio.
Speaking about Bitcoin mining and recent discussions about its impact on the environment, Jones pointed to the carbon footprint of gold mining. However, he also recommended that a renewable solution should come to make Bitcoin mining greener.
& # 8222; It takes more energy to mine gold than Bitcoin. Of course, I have concerns about the impact on the environment… if I were 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 since become a big proponent of the top cryptocurrency.
Bitcoin Price breaks Key resistance
Bitcoin’s price rose over 13% yesterday, breaking through key resistance of $40,000 for the first time since May 27. The price rose from a daily low of $35,730 to hit a new 2-week high at $40,773. The price of Bitcoin has been consolidating below $40k for nearly 4 weeks since the market crash last month. The big correction wiped more than $ 500 billion from the crypto market. We are curious to see how Bitcoin will develop in the next few days and whether it will manage to rise towards $50,000.