As bitcoin price rises back to its yearly highs, it is getting it some new fans. Amongst them is Paul Toder Jones, the famous investment billionaire who has stated that he believes bitcoin is the go-to asset in times of inflation. The billionaire has bought bitcoin and has stated that if he is to bet on a horse, he would on the best one available and for him it is bitcoin.
Paul Toder Jones faith in bitcoin grew seeing its remarkable power of recovery ever since the market meltdown and also seeing the moves of the US Fed. The US Fed has printed $3.3 trillion so far to save the crippling economy and the billionaire believes that such drastic moves have not been witnessed before. He added that the infinite printing could turn dollars etc unattractive for people was thus bitcoin becomes the best bet.
Paul Toder Jones noted that the king coin right now reminds him of the role gold played in the 70s. He added that gold goes $1400 to $1700 rather quickly and the same could be said about bitcoin.
Toder highlights that people's faith in dollars has shattered and given how bitcoin crashed, recovered and is soaring and outperforming other assets so well would make it an alluring choice especially as the COVID-19 has crippled economies worldwide. \
Being an elite investor with a net worth of $5.1 billion, someone who has made a fortune out of it, Toder rose to prominence in the market crash of 1987. He has a knack of investing buying and selling stocks at the same time and given his success rate, having his faith in bitcoin is definitely good news for the top cryptocurrency. With the bullish run, rediscovered faith and bitcoin halving in sight, things are looking hunky-dory for bitcoin.
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