BTC Increases Over 6%: Why It Happened

By Amit Chowdhry ● Jun 14, 2021
  • The price of Bitcoin (BTC) has increased by over 6% today. This is why it happened.

The price of Bitcoin (BTC) has increased by over 6% today as it went from about $37,393 as of 2:40 PM ET yesterday to a day high of $40,971.57. Investors have been responding positively to a statement by Tesla CEO Elon Musk and hedge fund executive Paul Tudor Jones.

Jones had compared bitcoin to gold. And Jones said that bitcoin is a great way to diversify a portfolio.

“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. At this point in time, I don’t know what I want to do with the other 80% until I see what the Fed is going to do,” said Jones in an interview during CNBC’s “Squawk Box.”

In a tweet from yesterday, Tesla CEO Elon Musk disclosed that the electric vehicle company will accept bitcoin again when there is confirmation of reasonable clean energy usage by the cryptocurrency miners. Below is the tweet:

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.