Paul Tudor Jones has recently bought Bitcon...a lot of it. He said that Bitcoin was the best hedge against rising inflation and compares investing in BTC to investing in Apple many years ago.
Paul is the founder of Tudor Investment Corp., an investment management firm headquartered in Connecticut. He predictied the 1987 stock market crash.
In May Tudor invested about 2% of his assets in bitcoin. Now, 4 months later, bitcoin’s price is up by 46% and PayPal has just got involved.
Jones said “Back in March it became obvious, given the monetary policy that was being pursued by the Federal Reserve that we were in an unusual time,” I was thinking about how you defend yourself against inflation.” The Federal Reserve has also announced a policy shift to push up inflation.
Tudro recommended bitcoin as an inflation trade, like gold. He added:
I concluced that bitcoin was going to be the best of inflation trades..
Tudro said that bitcoin has “a very small group of people investing in it, it was mpbile, it was liquid, had a variety of characteristics that made it a fantastic hedge against inflation.” Tudor said that “The one thing it [bitcoin] didn’t have is it didn’t have integrity” but emphasized that “every day that goes by, of course, it gains credibility and integrity.”
Paul Tudro Jones sadi he didn’t appreciate what it must feel like to be a tech investor, affirming that he was “just a macro trader,” He said:
Bitcoin has characteristics of being an early investor in a tech company like Apple.
Paul Tudor Jones said he got “contacted by God knows how many different people on BTC.” “But what I learned was, and what I was so amaazed by is that bitcoin has this support of smart and sophisticated people who really believe in it.”
Saying that he “never had an inflation hedge where yyou also have great intellectual capital behind it,” he said it “makes me even more positive" bitcoin. Jones concluded:
I like bitcoin even more now than I did before. I think we are in the first inning of bitcoin and it’s got a long long way to go.