Has Bitcoin Bottomed? PTJ Makes Crypto Bull Case (Again)

It’s been quite an eventful past year. But, it was just about 13 months ago now that I began looking at Bitcoin in these articles, and that was helped along by one of the most prominent Macro traders in existence, Mr. Paul Tudor Jones. At the time, Gold prices had already started to run and the Fed’s printing press was in high gear. Bitcoin was trading below 10k at the time but Paul Tudor Jones very openly embraced Bitcoin in a note titled The Great Monetary Inflation.

Paul Tudor Jones was in the news again this morning as he dropped a number of noteworthy quotes, speaking on the upcoming FOMC meeting and how this is the most important rate decision of Jerome Powell’s career. But, he also made a bull case for Bitcoin and its place in his portfolio, with the below direct quote from this morning’s interview:

I like Bitcoin. Bitcoin is math and math has been around for thousands of years, and two plus two is going to equal four and it will for the next two thousand years.

He went on to say that he likes Bitcoin as a portion of his portfolio, similar to Gold, commodities or cash. He said the he wants to have around 5% in each, calling Bitcoin a ‘portfolio diversifier.’

And another comment from a little later in the interview, when asked about his opinion of government regulation of cryptocurrencies:

It costs more to mine gold energy-wise than it does Bitcoin. Clearly, I’m concerned about the environmental impacts of Bitcoin. If I was king of the world, I’d ban Bitcoin mining, just because the environmental impact and then make the ecosystem figure out a way to do it without expanding the supply anymore.

Driven at least partially by these comments, Bitcoin inclined back above the 40k handle this morning, the first time BTC has traded above that psychological level so far in June trade. But, now that the cryptocurrency has made a fresh higher-high, the question is whether further highs await ahead of that really key FOMC rate decision on the calendar for Wednesday.

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