Bitcoin Buying Frenzy Continues: Billionaire Investor Paul Tudor Jones Buys BTC As A Hedge
Bitcoin interest continues to surge despite the massive volatility in the crypto space.
The king coin fell below $4,000 back in March, and since then, it managed to even flirt with the important FOMO-triggering level of $10k.
The other day, BTC fell by about 12% on CMC, but crypto analysts have been warning traders about high volatility these days and various natural corrections.
More price drops are also expected following the halving based on previous experience.
At the moment of writing this article, Bitcoin is trading in the red and the most important coin out there is priced at $8,751.69.
People continue to see Bitcoin as a safe haven, and Coinbase’s Brian Armstrong even said that Americans are buying BTC with their $1,200 stimulus, based on the data he’s seeing in the exchange.
Billionaire investor Paul Tudor Jones buys BTC
Crypto enthusiasm also reached billionaire investor Paul Tudor Jones.
The macro investor buys BTC according to a Bloomberg report and described the world’s leading coin as a hedge against central banks and their monetary policies, which led to massive amounts of money printing in the wake of the global pandemic.
Jones is reportedly expecting inflation to rise, and he’s turning to Bitcoin as a form of digital gold.
Here’s what he wrote in a letter to his investors:
“The best profit-maximizing strategy is to own the fastest horse. If I am forced to forecast, my bet is it will be Bitcoin.”
Check out more details in Bloomberg’s article.
Other than this, as we said above, Bitcoin continues to trigger frenzy and massive FOMO among investors.
For instance, Mati Greenspan said that he’s not worried about the naysayers at all, and since he entered his position on April 30th his portfolio is up.
“Call it FOMO, call it blind faith, or even stupidity, I don’t care. My eToro account is now 100% allocated to BTC,” he said.
Brian Armstrong is the co-founder and CEO of Coinbase, one of the largest crypto exchanges in the world (its reported Coinbase holds 966,230 Bitcoin ($7B) in Cold Wallet). Prior to his involvement with the blockchain and Coinbase, Armstrong worked at Deloitte and Touche as an Enterprise Risk Management Consultant.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.