Paul Tudor James Confirms He Has Approx 2% BTC Portfolio. Paul Tudor James is one of the living legends of Wall Street. He is the billionaire founder
Paul Tudor James Confirms He Has Approx 2% BTC Portfolio.
Paul Tudor James is one of the living legends of Wall Street. He is the billionaire founder of hedge fund Tudor Investment Corporation. As such, his financial moves are closely watched by the markets. Recently, he had revealed that he is buying bitcoin as a hedge against fiat inflation. This sent the crypto markets on a frenzy. It is not every day that an industry veteran publicly praises Bitcoin and cryptos in general.
Today, just hours before bitcoin’s halving event, he went on CNBC to reveal a major piece of news. He said that he has approximately 2% of his total assets in bitcoin. The markets reacted really favourably to this and started recovering from the pre-halving dump. This halving has to be the most eventful one to date. There is more interest and attention on the digital currency than ever. And its future seems brighter than ever too.
Bitcoin Returns To $9000
On May 10, the crypto markets saw a huge plunge. The price of one bitcoin was trading at around $9600. However, in just under half an hour, it plunged to around $8100. This was a correction of about $1500 and is one of the major ones in recent history. However, traders weren’t too nervous or anxious about this correction. In a way, this move was being expected.
Bitcoin had already recovered a great deal from the $3700 low on Black Thursday. So, a correction is seen as healthy. However, not a day has passed since and the orange coin is back above $9000. This is especially interesting as it happens to be the day of halving.
On top of this, Tudor revealing how much he has staked in bitcoin is hugely positive news. It signals to the market that the world is paying attention. Especially the institutional players who had stayed away from the world of crypto as the general rule. The coronavirus pandemic and the non-stop fiat printing is changing this consensus.
In fact, Tudor gave the same reason for why he decided to buy bitcoin. In the past, he has been a skeptic of cryptocurrencies. However, now that the world is in unchartered territory, he thinks that it is a safe bet. He states that it is a speculative play right now but in the future, it could mean more. Bitcoin’s only been around for 11 years and it still needs to build trust in the eyes of legacy investors.
However, Tudor also said that each day that bitcoin survives strengthens people’s trust in it. As the new supply gets reduced in half and the world faces the economic impact of the pandemic, bitcoin should get even more attention. We could be witnessing the rise of an entirely new store of value that was born on the internet.