Paul Tudor Jones – billionaire CEO of Tudor Investment Corporation – has reaffirmed his support for Bitcoin. He said that he has cryptocurrency included in his portfolio, and deemed it superior to gold as an inflation hedge.
Jones Remains a Bitcoin Believer
The hedge fund manager revealed his thoughts on CNBC’s Squawk Box earlier today. The interviewer referred to a previous episode from May of 2020 when Jones showed newfound support for the primary cryptocurrency. He started showing tentative interest in Bitcoin as an inflation hedge in response to the pandemic.
The billionaire has maintained his position since then.
“Bitcoin would be a great inflation hedge,” he said.
Regarding exposure, Jones said that crypto comprises a single-digit percentage of his portfolio. His fund also has a small trading position in the asset.
“I do think we’re moving into an increasingly digitized world. Clearly, there’s a place for crypto, and clearly, it’s winning the race against gold at the moment, right?”
Jones stated that he would prefer Bitcoin to gold at this time, even as the cryptocurrency reaches all-time highs.
Furthermore, he offered some thoughts on the recent launch of the ProShares Bitcoin Futures ETF. He says he would prefer to simply hold actual Bitcoin rather than a derivative, echoing the sentiments of some other investors. However, he recognizes that its very approval by the SEC should bring great relief to crypto lovers.
Bitcoin Over Gold, Say Investors
Jones isn’t the only billionaire looking to Bitcoin as an inflation hedge. Orlando Bravo – co-founder of Thoma Bravo – recently praised the cryptocurrency for this exact same property. He said he is “very bullish” on BTC’s price, and has many blockchain-related investment plans going forwards.
Earlier this year, Jordan Belfort (aka “The Wolf of Wall Street”) predicted that Bitcoin could reach $100k. Similarly, he says that Bitcoin’s finite supply means owners should feel spoiled by it.
An analysis from JP Morgan would also show that many other major investors are getting involved. Just like Jones, the bank believes institutions are taking money out of gold to invest in Bitcoin.
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Credit: Source link
