icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

The great diversifier: Bitcoin pushes above $40,000 after bullish comments by veteran investor

The great diversifier: Bitcoin pushes above $40,000 after bullish comments by veteran investor
The world’s most prominent virtual currency, bitcoin, has rallied above $40,000 after legendary investor Paul Tudor Jones referred to the crypto as to a portfolio diversifier.

“I like bitcoin as a portfolio diversifier. Everybody asks me ‘What should I do with my bitcoin?’ The only thing I know for certain, I want 5% in gold, 5% in bitcoin, 5% in cash, 5% in commodities,” Jones told CNBC on Monday.

“For me, it’s just a way of kind of foundationally looking at how do I protect my wealth over time. It’s a great diversifier again, I look at bitcoin as a story of wealth,” the investor added.

READ MORE: Bitcoin rallies after El Salvador adopts the crypto as legal tender

Bitcoin was trading at $40,716 at 1:30pm GMT on Monday, marking a daily surge of more than 13%. The cryptocurrency started the latest bull run on Sunday, jumping over $39,000 after Elon Musk posted another tweet pledging that Tesla will resume accepting the cryptocurrency once mining becomes more environmentally friendly. The eccentric billionaire also denied accusations of manipulating the market with his tweets.

Also on rt.com Bitcoin spikes as Elon Musk denies ‘market manipulation’ & says Tesla to resume crypto transactions when mining becomes ‘clean’

Bitcoin has demonstrated dramatic swings over the past six months. After starting the year just above $29,000, the crypto hit an all-time high of about $65,000 in April. It plunged to $30,000 in May, before bouncing back above $40,000 this week.

For more stories on economy & finance visit RT's business section