Earlier, billionaire hedge fund investor Paul Tudor Jones revealed that his portfolio also includes the leading cryptocurrency. The news sent the weaves of excitement in the crypto community as Paul Tudor is a well-known legendary hedge fund investor. The founder of Tudor Investment Corporation revealed that he is buying bitcoin futures to hedge against inflation. Arthur Hayes, the CEO crypto derivatives exchange BitMEX, expects that this move will bring more big investors to the crypto market by investing in bitcoin.
— Arthur Hayes (@CryptoHayes) May 7, 2020
More institutional investors will follow Paul Tudor Jones’ move.
Arthur Hayes tweeted Paul Tudor Jones just removed career risk from investing in the leading cryptocurrency, bitcoin. He further added that he expects a lot of beta fund managers to begin cooking some copypasta, referring to other institutional investors that would follow Paul’s move. Paul Tudor believes that the leading cryptocurrency is an inflation hedge against great monetary inflation. Arthur Hayes is not the only one who thinks this way, the co-founder and CEO of Metropolitan Capital Advisors, Karen Finerman also believes that Paul Tudor is paving the way for more hedge funds and institutional investors to get into Bitcoin. Paul Tudor had said that bitcoin reminds him of gold in the 19070s.
Bitcoin continues to hover around $9,800 as halvening event approaches.
At the time of writing, BTC is changing hands at just below $9,800, up 11% in the last seven days. The leading cryptocurrency had a positive week as the price reached over $10,400 for the first time since February. The highly anticipated bitcoin halvening event is also scheduled to take place next week. Several BTC traders believe that the recent bitcoin bullish run surfaced out organized FOMO around halvening. Some analysts and traders also claimed that the current bull run is fake, and big players are playing small players using the halvening narration.
Bitcoin will undergo third scheduled halvening on 12th May, after which the reward for mining each block would be reduced by half. Currently, the reward for mining each block is 12.5 BTC, and post halvening it would be reduced to 6.25 BTC.