Paul Tudor Jones became the latest American hedge fund manager to support Bitcoin as a portfolio diversifier. The Founder of Tudor Investment Corporation said that he would like to allocate around 5% of his investment portfolio to Bitcoin.
In a recent interview with CNBC, Tudor Jones said that the world‘s largest cryptocurrency is an interesting investment tool. “Bitcoin is math, and math has been around for thousands of years. I like the idea of investing in something that is reliable, consistent, honest and 100% certain. BTC has appealed to me because it is a way to invest in certainty. I like Bitcoin as a portfolio diversifier. The only thing I know for certain, I want 5% in gold, 5% in BTC, 5% in cash, 5% in commodities,” Tudor Jones told CNBC.
Tudor Jones is one of the well-known hedge fund managers in the US. According to the latest data published by Forbes, he has a net worth of more than $7 billion.
Why Ethereum Needs Layer 2 Solutions More Than EverGo to article >>
BTC is getting popular among billionaires and prominent hedge fund managers. Last week, Ken Moelis, the Founder of investment banking firm, Moelis and Company, compared Bitcoin with the gold rush of 1848 and highlighted a significant interest in BTC and other cryptocurrencies.
Despite his support for Bitcoin as a portfolio diversification tool, Tudor Jones expressed his concerns reading the environmental impact of Bitcoin mining. “I am concerned about BTC mining because of its environmental impact. If I was king of the world, I would ban Bitcoin just because of the environmental issues and then just make the ecosystem figure out different ways to do BTC mining without expanding supply anymore. That’s what I would do,” he added.
Yesterday, the price of the world’s most valuable digital currency crossed $40,500 for the first time in June 2021. As of writing, Bitcoin is trading above $40,200 with a market cap of more than $750 billion.