[Bitcoin Now] Wall Street Tycoon's Favorable Remarks Send Price Soaring to 46 Million Won Range

Paul Tudor Jones "Bitcoin is Part of a Portfolio Like Gold"
Tanzania Considers Bitcoin as Legal Tender Following El Salvador

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The representative cryptocurrency Bitcoin has risen to the 46 million KRW range. The positive factor was that Paul Tudor Jones, a Wall Street hedge fund mogul and manager of Tudor Investment, expressed a preference for Bitcoin amid concerns about inflation.

According to the domestic cryptocurrency exchange Upbit, as of 7:28 a.m. on the 15th, Bitcoin recorded 46.39 million KRW, up 3.68% compared to the previous day. It had fallen to 40.64 million KRW on the 12th but has been on an upward trend since then.

Jones' favorable remarks about Bitcoin are interpreted to have had a positive impact. On the 14th (local time), in an interview with the U.S. economic media CNBC, he said, "If the U.S. Federal Reserve (Fed) ignores the recently announced inflation indicators, I will fully focus on inflation-related investments," adding, "I will buy commodities, gold, and cryptocurrencies." He also explained, "Bitcoin is a good means to protect assets in the long term," and "I prefer Bitcoin for portfolio diversification and consider it part of a portfolio like gold."

Jones has shown a positive view of Bitcoin from before. Last year, he said on Twitter, "My only regret is not buying more Bitcoin." In fact, he revealed that he invested about 2% of his assets in Bitcoin, which amounts to approximately 102 million USD (about 114.1 billion KRW).

Following the Central and South American country El Salvador, news that Tanzania, located in East Africa, is also considering Bitcoin as legal tender acted as another positive factor. According to the U.S. economic media Forbes on the 14th, Samia Suluhu Hassan, President of Tanzania, requested the Bank of Tanzania (BOT) to review the adoption of Bitcoin as legal tender. President Hassan said, "The impact of digital assets on overseas finance is increasing," and "Although Tanzania has not yet embraced decentralized finance, we need to prepare proactively." Tanzania currently uses its national currency, the shilling, as legal tender.

Meanwhile, altcoins facing delisting on Upbit showed a sudden surge. At the same time on the same day, Paycoin recorded 830 KRW, up 66% from the previous day. Other cryptocurrencies such as DMarket and Observer also showed increases in the 20% range.