BTC Prices Surge Above $40,000 with Endorsement from Paul Tudor Jones

Hedge fund manager and legacy investor, Paul Tudor Jones II reinforced his support for Bitcoin with bullish comments on the asset’s feasibility. The billionaire asserted that the digital currency is “reliable, consistent, honest, and 100% certain,” while expressing his desire to allocate 5% of his portfolio to BTC.

The flagship cryptocurrency is trending upwards after Elon Musk hinted that Tesla could resume Bitcoin payments in the future if miners shift to 50% renewable energy.

Paul Tudor Jones Has Been Praising BTC Since the Pandemic’s Beginning

Speaking to CNBC’s Squawk Box, Tudor Jones suggested that Bitcoin was a great portfolio diversifier. He underscored the importance of BTC investments in defending assets from the ongoing threat of inflation. 

The billionaire investor came out in open support of the virtual currency after the pandemic forced the Federal Reserve to adopt drastic measures such as excessive currency printing to fight the impending financial doom. Jones first disclosed his association with Bitcoin in spring 2020, when he revealed holding 2% of his assets in the currency. During the interview with CNBC, he reaffirmed his views and indicated he liked the digital asset even more now.

Bitcoin Surges Above $40,000

Jones has compared Bitcoin with math, implying that the currency is as certain as the subject which has been around for thousands of years. He stated that BTC appealed to him because it enabled him to “invest in certainty.” On the subject of investment advice, Jones is bullish on both Gold and Bitcoin futures.

Like a growing number of institutional investors, Jones believes that Bitcoin is a new asset class that defends money against the ill effects of inflation. He states, “For me, it’s just a way of kind of foundationally looking at how do I protect my wealth over time, it’s a great diversifier.”

Meanwhile, Bitcoin managed to break past the $40,000 mark after starting at $34,880 on Sunday. The currency was changing hands at an all-time peak of $64,000 in mid-April, before a 30% intraday crash recorded in May, which plunged its prices to $30,000.