(CNBC) The price of Bitcoin breached $40,000 on Monday after investors digested remarks made by popular hedge fund manager Paul Tudor Jones and Tesla Chief Executive Elon Musk.
Bitcoin advanced 14% to $40,936 in the last 24 hours after starting Sunday’s trading at $34,880. It rose to a record-high $64,829.14 in April before falling to the $30,000 level last month.
Tudor Jones said he likes Bitcoin as a means to diversify his portfolio and wants 5% of his portfolio in the digital token. He also wants 5% in gold, 5% in cash, and 5% in commodities.
Tudor Jones said he looks at Bitcoin and the crypto space in general, pushing Bitcoin’s price up by another $700.
Most of the gains were driven by Elon Musk’s tweet hinting that Tesla could resume accepting Bitcoin payments if mining is at least 50% from renewable energy.
Musk said Tesla sold 10% of its Bitcoin holdings to confirm that the token can be easily liquidated without driving major swings in the market.
Tesla stopped Bitcoin payments in May due to environmental concerns. Tudor Jones also expressed caution on the environmental impact of Bitcoin mining.
BTC/USD is up 12.73%, while TSLA is up 1.10%.
