Billionaire Hedge Fund Manager Paul Tudor Jones Likes Bitcoin Even More Now CNBC – October 22nd 2020
Paul Tudor Jones fell in love with Bitcoin even more than in the spring
Paul Tudor Jones thinks bitcoin’s investment appeal has increased in recent years.
He believes BTC is the most effective inflation hedge.
He also notes the significant intellectual capital behind Bitcoin..
The legendary investor said that he now considers Bitcoin to be an even more valuable asset than at the beginning of the year when he gave previous recommendations on it..
Paul Tudor Jones, renowned billionaire and financial guru, considers Bitcoin (BTC) to be the most effective hedging tool against inflation. At the same time, he is confident that the current monetary policy of the Central Banks has made the first cryptocurrency in the world an even more valuable asset than before..
In May, the BeInCrypto editorial team already talked about how Jones made a loud statement about Bitcoin, calling it the gold of the current generation. In the same May, he told CNBC that he holds 1 – 2% of his assets in bitcoin..
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The legendary head of a hedge fund has concluded that Bitcoin is an effective hedge against inflation. At the same time, in his opinion, MTC is underestimated in comparison with the more traditional hedging instrument – gold.
“Bitcoin is the new gold”
Five months have passed since then, and yesterday, October 22, Jones made it clear that he is still happy with his investment in BTC. Moreover, he noted that during this time, the practical value of the cryptocurrency has grown even more, and now Bitcoin is the best way to protect against inflation. He spoke about this on CNBC’s “Squawk Box”.
"I came to the conclusion that #btc was going to be the best of the inflation trades – the defensive trades," says Paul Tudor Jones. "Bitcoin has a lot of characteristics of being an early investor in a tech company … it’s like investing with Steve Jobs and Apple." pic.twitter.com/4760iQBrOy
– Squawk Box (@SquawkCNBC) October 22, 2020
Jones reiterated that Bitcoin has successfully won the status of a hedging instrument against inflationary risks in the face of aggressive monetary easing by the US Federal Reserve. “Unprecedented times” caused by the pandemic have made people think more seriously about protecting their funds from inflation, he said..
At the same time, Jones hopes that the current small – in comparison with gold – market capitalization of bitcoin promises higher growth potential for the cryptocurrency. Bitcoin’s liquidity and unprecedented portability and small size should also play into the hands of bitcoin..
The only thing that bitcoin lacks so far is a historical precedent. However, every day the cryptocurrency will grow up, and trust in it should increase..
“It’s almost like investing in Apple.”
It is noteworthy that Jones made very interesting comments about the crypto community itself. He spoke highly of the Bitcoin enthusiasts, saying that there are a large number of really smart and professional people among them. They Form the “Significant Intellectual Capital” Behind Bitcoin.
In this regard, Jones compared investing in BTC with investing in tech companies in the early stages..
“It’s like investing with Steve Jobs and Apple or investing early in Google.”.
Jones’ upbeat speech coincided with another positive development. Over the past few days, Bitcoin first broke the round level of $ 12,000, and then updated 2020 highs above the $ 13,000 mark. This bullish trend was largely driven by the news that payment giant PayPal has decided to add limited support for Bitcoin to its infrastructure..
The crypto market continues to see an increasingly active influx of institutional investors into Bitcoin. So, almost in parallel with the news from PayPal, another fintech company, Mode Global Holdings reported buying large bitcoins as a risk hedging strategy.
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