One of the richest Bitcoin investors known is suddenly moving his crypto fortune.
An anonymous whale recently transferred 13,242 BTC worth $175.1 million for a fee of just $0.84. The transfer was first reported by a whale-watching bot known as Whale Alert.
Businesses and individuals are fast adopting Bitcoin on the bias that it’s virtually cheap to transfer any amount of funds, and doesn’t exhibit stringent capital controls on outflows, relatively high transaction costs, and inflexible exchange rate system prevalent in many global financial systems.
Why is this happening?
Popularly known hedge fund manager and Billionaire, Paul Tudor Jones, recently had been bullish on bitcoin, calling it the best inflation hedge you can find.
“I like bitcoin even more now than I did then. I think we are in the first inning of bitcoin and it’s got a long way to go,” Jones said on CNBC’s Squawk Box on Thursday.
He first revealed his bitcoin investment in May and on Thursday, he said he holds a “small single-digit investment” in the cryptocurrency.
The widely respected trader believes the huge quantitative easing program from the Federal Reserve is setting the stage for inflation to make a grand comeback.
“The reason I recommended bitcoin is because it was one of the menus of inflation trades, like gold, like TIPS breakevens, like copper, like being a long yield curve and I came to the conclusion that bitcoin was going to be the best inflation trade,” Jones said.
Jens Ischebeck, a renowned Fintech publisher, in a note shared with Nairametrics, gave vital insights on why Africans are fast adopting crypto and the advantages that crypto-assets bring
“Most African citizens have started shifting their hopes to the use of crypto, to escape numerous constraints faced with the traditional money transfer services, including cost, speed, and inconveniences.”