One of The World’s Top Investors Goes with BTC as Prices Soar to $10,000
A recent bullish run in the last 24 hours has helped Bitcoin surpass the holy grail of $10,000 once again. Paul Tudor Jones, one of the top investors in the world and chief executive officer of Tudor Investment Corp, has even decided to invest in Bitcoin as a hedge against inflation. According to Bloomberg, the veteran investor said he is putting a small portion into Bitcoin, despite reviewing various currencies, treasuries, gold and other financial instruments as he said the recent $3.9 trillion printed since February poses a huge monetary inflation.
The last time we saw BTC at these levels were in February 2020. This also means all losses from the COVID-19 outbreak has recovered as the price is up 40% since January 1st this year. Bitcoin is also currently on track to be the best performing asset for 2020.
According to Forbes, Denis Vinokourov, head of research for London-based digital asset firm Bequant states that the continuous momentum is the result of the recent upward trend but has not shown a strong break away from its resistance level.
On the other hand, Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital mentions that prices are going up as a result of the extensive media coverage on the upcoming halving.
Image Source: Forbes
However, some are expecting the value to drop after the halving. This is backed by the history of previous halving where price dropped nearly 30% approximately two weeks after halving. The value drop after halving are also attributed to the sell-off that usually happens after a halving. This fact was also backed by hedge fund manager and cryptocurrency investor Logan Han while cryptocurrency trader Satoshi Flipper believes that the mid-$8,000 region will be tested after the halving. Dropping to the $7,000 to $8,000 level in late May will align with the 2012 and 2016 price cycles of Bitcoin after the halving.
Bitcoin exceeding the $10,000 level has generated further interest on the cryptocurrency. With the impending halving on the minds of those keeping an eye on the industry, it remains to see how the general market will react after it.
The market is speaking to everyone in different ways, Paul Tudor Jones believes it is a good way to hedge against inflation, while others believe it is a good time to get into the market as the halving of BTC approaches.
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