Bitcoin crosses the symbolic $40,000 threshold again after this billionaire sounded the alarm about US inflation, while publicly reaffirming his love for Bitcoin.
Inflation talk back, Bitcoin back to $40,000
Bitcoin rose to $40,906 on Bitfinex today, June 14, 2021. BTC is trading at $40,186 at the time of this writing. It is currently recording a daily gain of nearly 7.90%. BTC has touched the $40,000 mark again for the first time in over 2 weeks.
The BTC price explosion came after billionaire Paul Tudor Jones announced in an interview with CNBC’s Andrew Ross Sorkin that he was considering allocating 5% of his portfolio to Bitcoin. He indicated that he liked Bitcoin, that “Bitcoin is math… I like the idea of investing in something that is reliable, consistent, honest and 100% secure. So Bitcoin attracted me because it’s a way for me to invest in certainty.”
The billionaire sounded the alarm about runaway inflation, with the Consumer Price Index showing that inflation in the US has reached a 13-year high.
MicroStrategy ready to buy $500 million in BTC
As one piece of good news can hide another, MicroStrategy revealed in a June 14, 2021 release that the company has already raised $500 million through senior secured bills maturing in 2028. The company originally announced a $400 million debt-for-Bitcoin offering on June 7, 2021, before upping the ante to $500 million.
MicroStrategy currently holds 92,079 BTC worth more than $3.7 billion in its recently formed subsidiary MacroStrategy LLC.
Is Bitcoin really gaining momentum, or should we expect the bulls’ efforts to finally be wiped out by the end of this week? Inflation is still here, as are institutional investors and bitcoiners with gargantuan appetites like MicroStrategy. Bitcoin’s fundamentals remain strong. Even though the bears were able to dictate the game after BTC hit an ATH above USD 64,700, the game is simply far from over for the bulls.
