Polkadot Gains 16%, Billionaires Invest In Crypto To Play "Inflation Game"

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A renewed sense of optimism took over the cryptosphere after Musk confirmed Tesla would continue buying Bitcoin if its carbon footprint improves, more countries showed an interest in adopting cryptocurrencies and billionaire investor Paul Tudor Jones reconfirmed his interest in buying crypto to play the inflation game.

In the broader altcoin market, the rising prices of coins like Polkadot (up 16%) and AMP (up 25%) were quite remarkable.

Let’s not call victory too soon but it is a good sign that after a month of consolidation, Bitcoin was finally able to break above $40k yesterday.

Inflation

We have been calling out both US (up 5%) and European (up 2%) inflation figures over the past few weeks and has been warning readers that these levels are getting quite significant.

Wall Street gave warning to the FED as well in the form of an interview that legendary billionaire investor Paul Tudor Jones gave to CNBC.

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Jones claimed that  if the FED treats higher prices with nonchalance, it would be a green light to bet heavily on every inflation trade.

Specifically, the investor stated:

If they say, ‘We’re on the path, things are good,’ then I would just go all in on the inflation trades. I’d probably buy commodities, buy crypto, buy gold.

With that; Jones reconfirmed his interest in buying more Bitcoin.

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.

Bitcoin could thus profit significantly form this statement as it is seen as a safe haven in times of inflation and deflation. Back in May 2020, Paul Tudor Jones was the first billionaire investor to admit he invested part of his portfolio in Bitcoin.