Bitcoin appears to be returning to its all-time highs, in the wake of some developments that took place this week. The largest cryptocurrency in the world broke the $ 40.000 mark. Now many are expecting it to recover from the surge that saw a high of $ 64.829,14 before the May free fall.
The cryptocurrency fell more than 40% after Elon Musk revealed Tesla's position (Tesla shares - ticker TSLA) against the currency on energy use. While the Chinese government has moved against it with threats of sanctions against miners and traders. Musk's latest announcement, however, triggered an upward trend.
Tesla's billionaire and CEO revealed that the company will resume BTC transactions as soon as it is confirmed that at least 50% of the world's mining is done with green energy. The increase was also helped by MicroStrategy which announced its intention to pump nearly half a billion dollars into the purchase of additional BTC.
Paul Tudor Jones wants 5% of his assets in BTC
Recent Bitcoin struggles have brought more supporters to the fore, with Paul Tudor Jones one of the last people to talk about the asset. He claims he wants five percent of his investment portfolio to be in Bitcoin. Speaking with CNBC this week, Tudor Jones discussed America's financial state, warning about inflation while pointing to Bitcoin as a means to invest in certainty.
Tudor Jones is the founder of the Tudor Investment Corporation based in Stamford, Connecticut. Last spring, the billionaire hedge fund investor told CNBC that he owns nearly two percent of his total assets in BTC.
In this latest interview, he said: "The only thing I know for sure is that I want to have 5% in gold, 5% in bitcoin, 5% in cash and 5% in commodities."
The 66-year-old added that he would prefer to keep the other 80% until he is more sure which direction things will go. While the cryptocurrency market showed just how volatile Bitcoin can be just a few weeks ago, Tudor Jones believes the digital asset is reliable because it relies on the perennial certainties of mathematics.
“I like Bitcoin. Bitcoin is math and math has been around for thousands of years, ”he explained. “Two plus two equals four and it will be for the next two thousand”.
Michael Saylor has other advice
Despite Tudor Jones' passion for BTC, MicroStrategy's Michael Saylor is not so sure that investing 95% of his assets elsewhere is so healthy.
"If you invest 5% of your portfolio in #bitcoin, you have made the decision to invest 95% of your portfolio in assets that are demonetized by bitcoin," he tweeted on Monday.
Saylor is one of the biggest supporters of Bitcoin and, as previously mentioned, his company just bought bitcoin for nearly half a billion dollars. Saylor also revealed that MicroStrategy currently owns 92.079 Bitcoins.