Paul Tudor Jones Chooses Bitcoin Over Gold, He also said that bitcoin is currently “winning the race against gold.
Billionaire hedge fund manager Paul Tudor Jones says that bitcoin is currently “winning the race against gold.” He added that cryptocurrency is his preferred inflation hedge over gold.
Paul Tudor Jones Chooses Bitcoin Over Gold
Paul Tudor Jones, the founder of asset management firm Tudor Investment Corp., talked about bitcoin being his preferred hedge towards inflation in an interview with CNBC Wednesday. He said:
Clearly, there’s a spot for crypto. Clearly, it’s winning the race towards gold at the moment. It might be my preferred one over gold at the moment.
“I’ve got crypto in single digits in my portfolio,” he continued. “I do think we’re moving into an increasingly digitized world.”
Jones said he’s worried about rising inflation, noting that it’s posing a serious menace to the U.S. financial markets and the recovering Covid-hit economy.
The value of bitcoin surpassed all-time highs Wednesday after the first bitcoin futures exchange-traded fund (ETF) in the U.S. started trading on the NYSE. Gold lost 8% over the past year whereas bitcoin gained 437%.
The billionaire investor was asked to comment on investing in a bitcoin ETF as a way to get exposure to the cryptocurrency. Admitting that he’s not “a real expert on ETFs,” Jones said:
I feel a greater method to get in would be to really personal the physical bitcoin, to take the time to learn to personal it. I think the ETF would be fine. I think the truth that it’s SEC-approved should provide you with great consolation.
He was also asked if the approval of an ETF signifies that the regulators are saying that crypto is here to stay. Jones replied:
I think crypto is here to stay.
He proceeded to elucidate the rationale the U.S. is “probably the most outstanding financial energy on this planet is as a result of we unleash our particular person entrepreneurism and creativity.”
In distinction, he stated, “China is doing the exact opposite. That place is on an economically sluggish boat to the south pole.”
The billionaire fund supervisor beforehand stated that bitcoin was a store of wealth, like gold. He started recommending BTC for portfolios early last year. In October 2020, he said that he noticed the massive upside in bitcoin and likened investing in the cryptocurrency to investing in early Apple or Google.
Source: News Bitcoin