Legendary hedge fund manager Paul Tudor Jones now claims he likes bitcoin (BTC) even more than when he decided to invest in this most popular cryptocurrency.
“I think we are in the first inning of bitcoin and it’s got a long way to go,” Jones said on CNBC’s “Squawk Box” on Thursday. The founder and chief investment officer of Tudor Investment Corporation also admitted that he holds a “small single-digit investment” in BTC, adding that “It’s like investing with Steve Jobs and Apple or investing in Google early.”
“The reason I recommended bitcoin is because it was one of the menu of inflation trades, like gold, like TIPS [Treasury Inflation protected Security] breakevens, like copper, like being long yield curve and I came to the conclusion that bitcoin was going to be the best inflation trade,” Jones said.
PTJ says other inflation hedges are fundamentally bearish humanity whereas Bitcoin is bullish humanity.
Watch the whole interview below:
The 66-year-old American billionaire hedge fund manager first dabbled in BTC in 2017, doubling his money before selling BTC near its peak at almost USD 20,000. This year, he authorized his hedge fund – Tudor BVI – to allocate “a low single digit” of its assets to bitcoin futures contracts. At the end of March, the fund had over USD 21bn in assets under management, and 1% would mean an investment of around USD 210 million. Many have wondered since whether he holds physical bitcoin.
Jones founded his own hedge fund back in 1980. He is known for macro trades and betting on interest rates and currencies, as well as for predicting the 1987 Black Monday, when it’s said he tripled his money. Also according to Forbes, Jones’ real time net worth is USD 5.8bn.
At pixel time (15:14 UTC), BTC trades at USD 12,931 and is up by almost 2% in a day and 13% in a week.