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Investing.com – US billionaire hedge fund manager Paul Tudor Jones said bitcoin has a “real problem” due to “unfriendly” regulation in the US, in a recent interview with CNBC.
“Bitcoin has a real problem because in the US, you have a whole regulatory system against it,” Jones noted.
Meanwhile, Jones confirmed that he intends to hold on to all of his bitcoin holdings. Pointing out that it is just a small diversification of his portfolio.
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At its height in November 2021, bitcoin was worth nearly $68,000 and has since fallen to around $27,400 during this Thursday’s trading moment.
Jones — who previously praised bitcoin’s appeal as an inflation hedge — added that he believes inflation will continue to fall, adding to the less bullish scenario for the cryptocurrency.
After the events of 2022, which culminated with the dramatic collapse of FTX in November, US regulators are getting tougher on the cryptocurrency industry, such as the Securities and Exchange Commission (SEC) threatening legal action against the publicly traded cryptocurrency Coinbase. (NASDAQ:).
The hedge fund manager’s comments indicate that his sentiment towards bitcoin has cooled somewhat since he said in 2020 that he could see himself committing up to 5% of his assets to bitcoin in the face of a monetary crunch by the Federal Reserve.
However, last October, Jones called his allocation to bitcoin “minor,” saying that cash is the place to stay as long as the Fed can be trusted to handle inflation.
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The chairman of the Securities and Exchange Commission, Gary Gensler, said that bitcoin is not safe, he said in an interview with Intelligencer in February.
Gensler also said that most cryptocurrencies are securities and are therefore regulated by the Securities and Exchange Commission.
This distinction is important because the CFTC is tasked with overseeing futures, options, and swaps, while the US Securities and Exchange Commission (SEC) was created to regulate securities such as stocks.
Meanwhile, Commodity Futures Trading Commission Chairman Rustin Behnam confirmed that bitcoin is a commodity, so it would fall under his purview.
Currently, US lawmakers are working on bills to make the gap clearer between which cryptocurrencies will be securities or commodities.
market now
The combined market value of the crypto market during these moments of today’s trading is about $1.14 trillion. The trading volume amounted to about 32.62 billion dollars.
It rose by 1.8% during the last 24 hours, to now reach levels of $27,368, while recording weekly losses of 0.12.6%. Its market value is now $531 billion.
And “”, which is the largest digital currency by market value after Bitcoin, rose by about 1% during the last 24 hours, to reach $ 1825, with a weekly gain of 0.33%, and a market value of about 219 billion.
While the price of Binance Coin rose by 1%, to record $312.9. The price of a currency increased by 3.15% of its value, to record $0.46016.
It increased to 0.3792, rising by 3.3%, with a weekly increase of 4.3%.
While it has now risen by 0.22% to reach levels of $0.074027, with a weekly rise of 3%.
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