Things have been pretty bleak in the Bitcoin community in the past few months. The price has been in a steady decline, with only short upward outbursts that don’t really make a dent. After weeks of stalemate, Bitcoin’s price is on the rise again after endorsement from Tudor Jones and Elon Musk.
Tudor Jones is a hedge fund manager who said he likes Bitcoin and that he’d love for it to make up a part of his wealth. On Sunday, Tesla CEO and big fan of Bitcoin said that his company will continue to use Bitcoin when the clean energy usage by miners surpasses 50%.
The world has been cracking down on mining lately because of the high carbon footprint, with miners currently looking at solution that could make the process go green.
A Great Way to Protect Health
Hedge fund manager Tudor Jones is a billionaire who has amassed a great deal of wealth during his career. His career started in 1980 when he founded the first hedge fund, Tudor Investment Corporation. His next project was a poverty reduction company called Robin Hood Foundation which made his presence known to the public eye.
Paul Tudor Jones is known for predicting the 1987 market crash and as a major philanthropist. It’s fair to say that he knows what he’s talking about when it comes to wealth, so his Bitcoin words carry a lot of weight.
On Monday during an interview for CNBC’s Squawk Box finance program, he said that he sees Bitcoin as a great way to protect his wealth. He uses it as a tool for diversifying portfolios. Jones said that he’s being asked by people what they should do with their Bitcoins. While he didn’t have a clear answer, he suggested that they invest 5% in commodities, 5% in gold, 5% in cash, and 5% in more Bitcoin. “I don’t know what I do with the other 80% until the Fed is clear on BTC,” he concluded.
That sent Bitcoin’s price flying, but it already started the day before.
Musk Drives the Crypto Market North Once Again
We all know that Tesla CEO Elon Musk has a strange ability to send the crypto market flying or rushing down. On Sunday, he once again sent Bitcoin’s price skyrocketing after he announced that Tesla will accept Bitcoin again if miners find a green solution.
For those unaware, earlier this year, Musk company Tesla announced that it’s adding the cryptocurrency as a payment method for its cards. Musk later deterred on the support citing concerns over the carbon footprint of mining. He’s been looking for a green mining solution himself, and said that a reasonable (around 50%) clean energy usage by miners with positive future trends will bring Tesla back on the bandwagon.
Things are on the upside right now when it comes to Bitcoin’s price, which is flying just over $40K. Experts believe that $50K is within reach, but we’d wait a week or two to see what happens.