Paul Tudor Jones: Bitcoin Is “100% Certain” Tony Spilotro in BTC Reading Time: 3 mins read
Bitcoin price is back to around $40,000 but whether or not the bull market is over or not isn’t yet certain. What is certain, according to Paul Tudor Jones, is the cryptocurrency itself.
Not the asset or its price, but the underlying ironclad cryptographic code. Here’s why the billionaire investor has allocated as much as 5% of his wealth to Bitcoin – an asset he holds in equal amounts next to gold, cash, and other commodities.
Paul Tudor Jones: Keep Assets In Commodities, Cash, Gold, And Crypto
It was the shot heard around the world: Paul Tudor Jones had given Bitcoin a nod of approval, comparing the ultra scarce cryptocurrency to gold in the 1970s. At that time, the gold standard lost its dollar peg and was trading at around $32 an ounce. Today, it trades at just under $2,000.
But the billionaire philanthropist believes that Bitcoin can be even better than gold, and labeled the cryptocurrency “the fastest horse in the race against inflation” back in May of last year. Since then he’s done nothing but double down on the emerging asset, comparing it to investing in a Apple or Google early.
Now he’s back with more comments about Bitcoin, revealing that he now holds equal parts gold, cash, commodities, and crypto. Jones says that each are held in 5% increments, with the remainder on hold waiting to see what the Fed and the rest of central banks do next.
Sorry Humans: Bitcoin Is Math, “Is 100% Certain”
Paul Tudor Jones initially revealed a 2% allocation and has since upped it to 5% – as much as gold, cash or commodities. The reason the invest likes the digital asset so much, is because “Bitcoin is math.”
“Math has been around for thousands of years. Two plus two is gonna equal four and it will for the next two thousand years,” he said. ” I like the idea of investing in something that’s reliable, consistent, honest, and a hundred percent certain.”
Using the Biden and Trump administration as an example along with the Fed, Jones asks “do I want to have faith, in that same reliability and consistency in human nature?” The answer time and time again has been no, as history has proven money is regularly debased by the governments that issue it.
Questions on if the investing icon liked the cryptocurrency at current prices were largely ignored, and instead Jones reiterated his stance: “I like Bitcoin.” You can watch the interview segment below.
"The only thing that I know for certain is I want to have 5% in #gold, 5% in #bitcoin, 5% in cash, 5% in commodities," said legendary investor @ptj_official
Microstrategy Buys Another $489 Million Worth Of Bitcoin by Hououin Kyouma 4 hours ago in Bitcoin Reading Time: 2 mins read
Microstrategy bought on Monday 13,005 Bitcoins worth about $489 million at an average price of $37,617 per coin.
Now the business owns a total of 105,085 BTC that they bought for $2.74 billion. The average price per coin comes out to be $26,080.
Microstrategy’s CEO Makes Bitcoin Acquisition Second Business
BTC is down 8% to about $33k today as a result of China’s continued crackdowns on mining hubs. As Microstrategy’s stock is tied to BTC, it too fell over 6%.
As of right now, the 105,085 BTC that Microstrategy holds is worth more than $3 billion. The software company acquired them at an average price of $26,080 per coin including fees and other expenses.
Microstrategy had to take debt offerings so that the firm could pick up more coins, and they seem to have doubled down even more on their Bitcoin pursuits after the $489 million buy today.
Regarding their BTC business, Saylor says:
We rotated our shareholder base and transformed ourselves into a company that’s able to sell enterprise software and to acquire and hold bitcoin, and we’ve done it successfully with leverage.
The software developer has also decided to sell more stock worth $1 billion so that they can fund more Bitcoin purchases
All these purchases have been a big benefit for the company as the year-on-year revenue jumped to 10%. Saylor says:
Microstrategy has also seen the benefit in terms of stock value. In August last year, when they first started buying BTC, their stock price was around $120. Today, it is $580, a sharp increase of over 400%.
The bitcoin business is driving shareholder returns. I think the employees are happy. The shareholders are happy.
Bitcoin Price
BTC is down to $32,195 today. This value is 19% down compared to last week. While over the entire month, its down slightly less, around 15%.
It looks like the market is bearish right now, and it’s unclear when it would change for the better.
China’s crackdowns on crypto seem to be having a major effect on the price of BTC so the future of the market probably depends on that as well. Right now, China doesn’t seem to be slowing down.
Some experts believe the market could correct itself to 1/2 of the value at $17k, and only after that a bullish pattern will make a return.
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