Bitcoin Surges Past $40K as Paul Tudor Jones Wants 5% Portfolio Allocation to BTC
Prominent legacy investor Paul Tudor Jones III has doubled down on his support of bitcoin by indicating that it is reliable, honest, secure, and 100% certain. Furthermore, he said he wants to have 5% of his entire portfolio allocated in BTC.
- Ever since the COVID-19 pandemic broke out last year, the US billionaire hedge fund manager has been vocally praising the primary cryptocurrency.
- He argued that buying bitcoin would ultimately protect him from the growing threat of inflation in the US as the Fed initiated radical measures to fight the financial consequences of the pandemic by printing excessive amounts of the dollars.
- Thus, Jones said he had allocated between 1% and 3% of his portfolio in bitcoin at the time. Once BTC’s price started appreciating in value by the end of 2020, he reaffirmed his stance, saying he liked it even more now.
- During a more recent interview with CNBC, the prominent investor had even more positive words for the asset:
“I like bitcoin. Bitcoin is math, and math has been around for thousands of years. 2+2 is going to equal 4, and it will for the next two thousand years. So, I like the idea of investing in something that’s reliable, consistent, honest, and 100% certain.”
- Jones added that BTC has “appealed to me because it’s a way for me to invest in certainty.”
- On the question of what Jones is advising people about their investment portfolios, he noted that he wants to have 5% allocated in gold and 5% in bitcoin.
- It’s worth noting that the primary cryptocurrency’s price has reacted quite positively after the interview went live. BTC had failed to breach $40,000 on several attempts, but it managed to break out to above that level for the first time since late May.
- At the time of this writing, BTC is trading at around $40,600.
Featured Image Courtesy of CNBC