As Paul Tudor Jones criticized the Fed’s inflationary claims, the price of Bitcoin reached $40,000


Bitcoin (Bitcoin) Broke through $40,000 on June 14th because a solid breakthrough was quickly released during a consolidation period.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

BTC price exceeds 40,000 USD

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD rose by 3% in one hour, reaching $40,500 on Bitstamp.

The biggest cryptocurrency takes advantage of the upside, this is due to Elon Musk (Elon Musk) released a new tweet about Tesla’s possible future acceptance.

Earlier, Cointelegraph reported that traders bet up to around $47,000 before the correction.

Looking at the trading positions on the main exchange Binance, the support level is at $38,000 and the resistance level is at $40,500. This is the next obstacle for the bulls.

As of June 14, Binance’s trading level. Source: Material Indicators/Twitter

Tudor Jones advocates 5% BTC distribution

The well-known trader Paul Tudor Jones stated that Bitcoin’s market value reached $2 trillion because the “dichotomy” of Fed policy “questioned” its credibility.

in a Interview At CNBC on June 14, the founders of Tudor Investments sounded the alarm about rising inflation.

After last week’s Consumer Price Index (CPI) report showed a decline in U.S. inflation A 13-year high, Bitcoin’s deflationary nature rarely seems so attractive.

For Tudor Jones, it is a myth that the Fed and the Central Bank generally believe that the rise in inflation due to recent events is only temporary.

In an interview with CNBC’s Squawk Box program, he said: “For them, it is a bit hypocritical to say that inflation is temporary.”

Today’s environment is completely different from the environment in which inflation occurred in the past (such as 2013), so it is almost meaningless for the Fed to apply the same forecast.

Tudor Jones pointed out that the CPI was much lower at the time, and now, unemployment and employment are roughly equal.

related: Paul Tudor Jones says Bitcoin is “like early investment in Apple or Google”

At the same time, gold and Bitcoin provide refuge for many people. Although precious metals are far lower than Bitcoin in terms of gains, they are still close to historical highs.

“When you look at the Fed today and the Fed at that time, you think, how can you have such a completely different policy view of what constitutes the correct level of employment and the correct level of inflation,” he continued.

“How can you do this in eight years? It’s almost like a split personality. You want to know why the market value of Bitcoin is 2 trillion US dollars, while the market value of gold is US$1,865 per ounce. The reason is In your policy, this dichotomy problem appears again—problem—the credibility of the system of something.”

Ultimately, the 5% Bitcoin distribution is one of the only things he advocates for those seeking portfolio advice.

“I said,’Well, listen, the only thing I’m sure about is that I want to hold 5% gold, 5% Bitcoin, 5% cash, 5% commodities,'” he added. .