Bitcoin appears to be headed back to previous highs in the wake of a few developments taking place this week. The worldâs biggest cryptocurrency broke $40,000, with many expecting it to reclaim the surge that saw it priced as high as $64,829.14 prior to Mayâs freefall.
BTCUSD Chart By TradingView
The crypto asset dipped by over 40% after Elon Musk disclosed Teslaâs stance against the coin over energy usage, while the Chinese government moved against it with threats of sanctions. Muskâs latest announcement, however, has triggered an upward trend.
The billionaire Tesla CEO revealed the company will resume BTC transactions as soon as itâs confirmed that at least 50% of the worldâs mining is done with green energy. The rise was also helped by MicroStrategy announcing its intention to pump close to half a billion dollars into the purchasing of additional BTC.
Paul Tudor Jones Wants 5% Of His Assets In BTC
Bitcoinâs recent struggles have brought more advocates to the fore, with Paul Tudor Jones one of the latest persons to talk the asset up with claims he wants five percent of his investment portfolio to be in Bitcoin. Speaking to CNBC this week, Tudor Jones discussed Americaâs financial state, warning of inflation as he pointed to Bitcoin as a means of investing in certainty.
Tudor Jones is the founder of the Tudor Investment Corporation based in Stamford, Connecticut. Last spring, the billionaire hedge fund investor told CNBC he held nearly two percent of his total assets in BTC.
In this latest interview, he said: âThe only thing I know for sure is I want to have 5% in gold, 5% in bitcoin, 5% in cash and 5% in commodities.â
The 66-year-old added he would prefer holding on to the other 80% until heâs more certain of which direction things will go. While the crypto market showed just how volatile Bitcoin can be just a few weeks ago, Tudor Jones reckons the digital asset is as reliable as it gets because itâs based on the perennial certainties of math.
âI like Bitcoin. Bitcoin is math and mathâs been around for thousands of years,â he explained. âTwo plus two is gonna equal four and it will for the next two thousand.â
Michael Saylor Has Other Advice
Despite Tudor Jonesâ fondness where BTC is concerned, MicroStrategyâs Michael Saylor isnât so sure investing 95% of oneâs assets elsewhere is that sound.
âIf you invest 5% of your portfolio in #bitcoin, you have made the decision to invest 95% of your portfolio in assets getting demonetized by bitcoin,â he tweeted on Monday. Saylor is one of the biggest proponents of Bitcoin and, as mentioned above, his company has just purchased nearly half a billion dollars worth of bitcoin. Saylor has also revealed MicroStrategy currently owns 92,079 Bitcoins.
