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The world’s most prominent virtual currency, bitcoin, has rallied above $40,000 after legendary investor Paul Tudor Jones referred to the crypto as to a portfolio diversifier.
“I like bitcoin as a portfolio diversifier. Everybody asks me ‘What should I do with my bitcoin?’ The only thing I know for certain, I want 5% in gold, 5% in bitcoin, 5% in cash, 5% in commodities,” Jones told CNBC on Monday.
“For me, it’s just a way of kind of foundationally looking at how do I protect my wealth over time. It’s a great diversifier again, I look at bitcoin as a story of wealth,” the investor added.
Bitcoin was trading at $40,716 at 1:30pm GMT on Monday, marking a daily surge of more than 13%. The cryptocurrency started the latest bull run on Sunday, jumping over $39,000 after Elon Musk posted another tweet pledging that Tesla will resume accepting the cryptocurrency once mining becomes more environmentally friendly. The eccentric billionaire also denied accusations of manipulating the market with his tweets.
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Bitcoin has demonstrated dramatic swings over the past six months. After starting the year just above $29,000, the crypto hit an all-time high of about $65,000 in April. It plunged to $30,000 in May, before bouncing back above $40,000 this week.
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