Legendary hedge fund manager Paul Tudor Jones says he loves Bitcoin (BTC) even more than when he decided to invest in the dean of cryptocurrencies.
“I think we’re in the first phase of Bitcoin and there’s still a long way to go,” Mr. Jones told CNBC’s “Squawk Box” on Thursday. The founder and chief investment officer of Tudor Investment Corporation also admitted that he had a “small single-digit investment” in BTC, adding that “it’s like investing with Steve Jobs and Apple or investing in Google in the beginning”.
“The reason I recommended Bitcoin is that it was one of the most sought after products to fight inflation, like gold, like copper, and I came to the conclusion that Bitcoin was going to be the best product against inflation,” Jones said.
The 66-year-old US billionaire hedge fund manager first became interested in BTC in 2017, doubling his investment before selling it back at nearly $20,000, close to its highest price. This year, he authorized his hedge fund – Tudor BVI – to allocate “a small amount” of its assets to futures contracts on Bitcoin. At the end of March, the fund had more than $21 billion in assets under management, so 1% would mean an investment of about $210 million.
Jones founded his own hedge fund in 1980. He is known for his macroeconomic operations and his bets on interest rates and currencies, as well as for predicting Black Monday in 1987 when he is said to have tripled his money. According to Forbes, Jones’ real-time net worth is $5.8 billion.
This talk of Bitcoin being the best bet against inflation could continue to bring institutional investors in droves to Bitcoin. As Federal Reserve Chair Jerome Powell’s declaration in September shook not only the markets but also consciences across America and the world. High inflation and potential negative interest rates are tools that could shake the global economy and the demand for assets such as Bitcoin that cannot be debased is certain to be on the rise. As Jones said, good days ahead.