40.5 C
Dubai
Wednesday, May 29, 2024
HomeBitcoin NewsPaul Tudor Jones Lessens His BTC Enthusiasm

Paul Tudor Jones Lessens His BTC Enthusiasm

Date:

Related stories

Paul Tudor Jones – who at one point was a major bitcoin and crypto fanatic – says he’s beginning to back away from more bitcoin buys, and he recommends other people do the same until the market can clear itself up somewhat.

Jones Calms His Love for BTC

Right now, his sentiment is that bitcoin and other forms of crypto are proving too volatile to be taken as seriously as they were last year given their prices have taken serious dives over the last several months. In a recent interview, he stated:

I still have a minor allocation to bitcoin.

The fact that he is still holding bitcoin as part of his portfolio suggests he remains bullish about the asset. Perhaps he even thinks it’s going to recover sooner rather than later, though he’s confident the currency is going to need time to recuperate, and until it does, he’s keeping the bitcoin activity in his portfolio to a minimum.

There was a time, about two years ago, when he commented that placing anywhere between one to two percent of one’s overall portfolio into bitcoin was the right move to make. Jones later said that going as high as five percent probably wasn’t a bad idea. At the time, bitcoin was experiencing heavy bullishness and was experiencing rousing price action.

But this sentiment has clearly changed, and to a degree, even diehard crypto fans shouldn’t be too surprised. After all, bitcoin – which is presently trading in the low $19K range – has fallen by more than 70 percent from its all-time high of about $68,000 per unit in November of last year. The crypto space has also lost an overall level of valuation exceeding $2 trillion in just the last few months alone. It’s a sad and scary sight on so many levels.

The bitcoin dips continue as inflation rocks America and its allies. The nation is experiencing a 40-year high when it comes to inflation, and the Fed is continually having to hike rates to halt the problem. However, things aren’t subsiding quickly. All that’s really happened is that rates have become so high that people can no longer afford homes or automobiles, and assets like BTC have sunk into oblivion.

Regarding the topic of inflation, Jones commented:

Inflation is a bit like toothpaste. Once you get it out of the tube, it’s hard to get it back in… If we go into [a] recession, that has really negative consequences for a variety of assets.

The Economy Isn’t Doing Well

When bitcoin first began to explode in 2020, the economy was enduring a high number of stimulus measures as a means of offsetting the coronavirus pandemic.

Sadly, the opposite is happening now, though Jones continues to believe that BTC will hold a certain degree of value.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

Subscribe

Latest stories