How adoption is rising in the run-up to the halving

• BTC is currently trading just under $8700 following a 1.2% decrease in its value over the past 24 hours. 
• Over the past 10 years, the king coin has been able to gather significant interest from institutions and investors all over the world. 
• Over this past week, Paul Tudor Jones has helped on the crypto train and has even said that BTC is a good hedge against inflation.

The highly anticipated bitcoin halving event is set to take place this week with the community highly anticipating what the event will bring for the leading cryptocurrency in terms of its value. BTC is currently trading just under $8700 following a 1.2% decrease in its value over the past 24 hours. 

Over the past 10 years, the king coin has been able to gather significant interest from institutions and investors all over the world. Over this past week, Paul Tudor Jones has helped on the crypto train and has highlighted parallels between bitcoin and gold and even said that BTC is a good hedge against inflation.

The CEO of galaxy digital, Michael Novogratz recently took part in an episode of the scoop podcast we talked about Joneses entrance into the crypto world and say bitcoin is a positive hedge. He highlighted that it opens up a new universe of potential buyers into the industry for users in crypto. He further said:

“Paul Jones has put Bitcoin in his hedge fund. You can too and so I think it opens up a new universe of buyers for crypto. So there’ve been some hedge funds that have been doing the Grayscale arbitrage…They get hedge funds to put in Bitcoin, they season it and sell it to retail. That’s been a beautiful business for very silver and hedge funds and made a lot of money.”

He then went on to say that in the current macroeconomic scenario, bitcoin is the perfect asset to invest in. The upcoming event tomorrow is going to be a big trigger that could potentially drive its scarcity narrative according to Novogratz. 

He further went on to say:

“But this time it’s a macro hedge fund, say Bitcoin is an investible asset and it’s a macro weapon. In the same yield curve could be or treasuries, currencies… Bitcoin is now just a macro weapon and that’s a big, big deal.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!