Bitcoin has been in a rut for a period extended over six weeks. After registering an ATH of $64,500 in April, the price broke down and consistently hit low levels. A lot of analysts signaled the possibility of Bitcoin reaching the lower levels of $20K and claimed that the current bull run has run out of fuel. However, in the last 24 hours, Bitcoin managed to reinstate a price mark of $40,600.
During the Bitcoin beat down, analysts like JP Morgan maintained that the amount of institutional investment interest for beacon coin has started to drop. Due to such ideas, the FUD increased in the marketplace. However, more seasoned investors decided to hold on to their long positions. The recent interview of Paul Tudor Jones, a centibillionaire, has served to break this idea about Bitcoin. Talking to a journalist at CNBC, Jones showed his support and trust in the flagship cryptocurrency.
Paul Tudor Jones Wants to Increase his Crypto Investment Percentage from 1% to 5%
Paul Tudor Jones’s net worth is estimated to be around $7 billion as per Forbes. The centibillionaire founded a private hedge fund named called Tudor Investment Corporation in 1980. Ever since that time, he has never looked back on the road to success. There are many followers of the veteran famed asset manager, and his remarks often make a big impression on the market sentiment.
In his recent CNBC interview, Jones III claimed that Bitcoin is a 100% trustworthy, secure, legitimate, and reliable currency. Since the start of the economic depreciation put into effect by COVID-19, Jones has been looking for favorable alternatives. He claims that Bitcoin presented him with the perfect store of value while the federal government was busy printing heaps of money to jump-start the economy.
Analysts are Claiming that Positive Remarks from Paul Tudor Jones are Proving Potent for a Bitcoin Price Rally
The most quoted and appreciated remarks from Paul Tudor Jones are the claims that he wish to expend 5% of his investment portfolio into Bitcoin. In the beginning, he reportedly invested about 1% of his total capital into the crypto space. He also disclosed to the media that his gold interest allocation is also about 5%. By making that remark, Jones wanted to imply that Bitcoin has managed to match the value of the $100 trillion gold reserves at present.
He also claimed that Bitcoin is as certain as math. Since two plus two has always been 4 in the parallel universe, it would not be a bad idea to assume that the numbers speak in favor of the flagship cryptocurrency. It seems that the ongoing panic selling and market fear might have slowed down after the remarks of Jones. At present, Bitcoin has managed to breach $40K for the most time in weeks.