According to multiple data reports from TradingView and Cointelegraph Markets, the stocks of BTC have increased by 3% over the last hour- reaching $40,600. The largest cryptocurrency in the world made full use of the upside that occurred as a result of a positive tweet from Elon Musk.
The tweet stated that Tesla might use Bitcoin later if they could utilize renewable energy sources in the near future. Quite some time back, Cointelegraph had stated that most of the traders were betting on a leg up to a sum of $47,000 before a price correction reduced the price.
Paul Tudor Jones advocates 5% BTC allocation
BTC managed to reach a market cap of $2 trillion due to a dichotomy in the policy of the Federal Reserve that interrogates the credibility, as stated by Paul Tudor Jones. This famous trader went all out in a CNBC interview on the 14th of June, where the founder of the Tudor Investment Corporation warned the market of advancing inflation that would soon take place.
A single glance would see that the US inflation has rocketed to its all-time high over a period of 13 years after the report for the consumer price index confirmed the news. In such a situation, the deflationary nature of Bitcoin does look heavily attractive.
Jones believes that the idea of higher inflation being just temporary is nothing but a myth. Although most of the central banks and the Federal Reserve believe this to be the truth. In the interview, he stated that it would be wrong to simply state that the nature of inflation is nothing but transitory.
Further, he believes that the situation back in 2013 was quite different from the situation that is coming up now. There would be no point trying to find an equilibrium over a period so far apart, especially when the evolution of BTC is taken under consideration.
