Paul Tudor Jones on Bitcoin

#PaulTudorJones #Bitcoin
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Billionaire hedge fund manager Paul Tudor Jones has turned more bullish on bitcoin, calling it the best inflation hedge.
PTJ: “I like bitcoin even more now than I did then. I think we are in the first inning of bitcoin and it’s got a long way to go.” He first revealed his bitcoin investment in May and he said Thursday he holds a “small single-digit investment” in the cryptocurrency.
PTJ: “The reason I recommended bitcoin is because it was one of the menu of inflation trades, like gold, like TIPS breakevens, like copper, like being long yield curve and I came to the conclusion that bitcoin was going to be the best inflation trade.”
PTJ: “Every day that goes by that bitcoin survives, the trust in it will go up."
PTJ: "Wall Street could be witnessing the historic "birthing of a store of value" through popular cryptocurrency bitcoin."
PTJ: “If you take cash, on the other hand, and you think about it from a purchasing power standpoint, if you own cash in the world today, you know your central bank has an avowed goal of depreciating its value 2% per year,” Jones said. “So you have, in essence, a wasting asset in your hands.”
PTJ: “When I think of bitcoin, look at it as one tiny part of a portfolio. It may end up being the best performer of all of them, I kind of think it might be,” he said. “But I’m very conservative. I’m going to keep a tiny percent of my assets in it and that’s it. It has not stood the test of time, for instance, the way gold has.”
PTJ: “Bitcoin has this enormous contingence of really, really smart and sophisticated people who believe in it,” Jones said. “It’s like investing with Steve Jobs and Apple or investing in Google early.”
Bitcoin has fully rebounded from its coronavirus lows in March. The digital coin on Thursday hit its highest level since January 2018 to trade at around $12,900. The strength this week largely came from the news that PayPal will allow its users to buy, hold and sell cryptocurrencies.
The longtime trader believes the unprecedented quantitative easing from the Federal Reserve is setting the stage for inflation to make a grand comeback.
The founder and chief investment officer of Tudor Investment Corporation also compared investing in bitcoin to putting money behind some of the biggest tech companies like Apple and Google.
Jones shot to fame after he predicted and profited from the 1987 stock-market crash. He is also the chairman of non-profit JUST Capital, which ranks public U.S. companies based on social and environmental metrics.

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