“The latest development marks yet another example of large market moves following comments by Elon Musk and other billionaire participants“–Paul Ebeling
Bitcoin’s price spiked to over $40,000 Monday following Bullish comments by billionaire hedge fund manager Paul Tudor Jones.
“I like bitcoin as a portfolio diversifier. Everybody asks me what should I do with my bitcoin? The only thing I know for certain, I want 5% in gold, 5% in bitcoin, 5% in cash, 5% in commodities,” Tudor Jones said on TV Monday.
The cryptocurrency began its latest surge on Sunday after Tesla CEO Elon Musk said the EV maker could accept bitcoin transactions again in the future.
With the continuing rise in inflation this yr, institutional investors’ interest in Bitcoin as a store of value has grown significantly and driven its recent Bull run.
Tudor Jones 1st revealed last Spring on CNBC that he held “almost 2%” of his assets in Bitcoin. Since then Stanley Druckenmiller, Bill Miller and Ray Dalio have also become more outspoken Bitcoin enthusiasts.
Major custody banks like BNY Mellon and State Street seeking to offer crypto services for clients and major financial institutions like BlackRock, Morgan Stanley and Goldman Sachs figuring out how to safely offer clients exposure to bitcoin. Previously, there was tremendous career risk for investment institutions trying to get Bitcoin into their portfolios.
Have a healthy day, Keep the Faith!