After three weeks stuck below the $40,000 level, the BTC finally broke it and went even higher. Meanwhile, famed hedge fund manager Paul Tudor Jones says he certainly wants 5% of his portfolio in BTC.
The BTC surpassed $41,000 today before correcting down. At around 13:31, the BTC trades at $40,064.05 and is up 10% in a day and a week, reducing its monthly losses to 18%.
As the BTC was rising, billionaire hedge fund manager Paul Tudor Jones said he has his eye on this week’s policy meeting. Federal Reserve, in according to CNBC. Depending on his response to economic data showing higher consumer prices, Jones may also invest in cryptoassets, saying:
If they handle these numbers […] nonchalantly, I think it’s just a green light to bet heavily on all inflation trades. […] If they say, ‘We are on the way, things are fine, then I would go all-in in inflation negotiations. It would probably buy commodities, buy cryptography, buy gold.
What’s more, among the crypto, Jones singled out bitcoin as a great way to protect their wealth for the long term and as a store of wealth. And while he may not know what to do with 80% of his portfolio until he sees what the Fed plans to do, as for the other 20%, he said:
I like bitcoin as a portfolio diversifier. Everyone asks me what should I do with my bitcoin? The only thing I know for sure is that I want 5% gold, 5% bitcoin, 5% cash, 5% commodities.
According reported, just over a year ago, in May, Jones said that “more than 1% […] maybe it’s almost 2%” of its assets are in bitcoin.
If employees “are right, if they say, ‘We’ve received data, we’ve accomplished our mission, or we’re on our way too fast to accomplish our mission at work,” Jones said, then there will be a tantrum, a fixed income liquidation and a stock correction, which “doesn’t necessarily mean it’s over”.
Meanwhile, the employees of the US Federal Reserve were able to signal on Wednesday that they expect interest rates to rise sooner than expected after high inflation readings, informed the Wall Street Journal. O Barclays Bank PLC it now expects annual inflation, as measured by the Fed’s favorite indicator, to reach 3.6% in the fourth quarter, which is almost double the central bank’s target.