Paul Tudor Jones, a billionaire hedge fund manager, stated that bitcoin is currently “winning against gold.”
Paul Tudor Jones Chooses Bitcoin Over Gold
In an interview with CNBC Wednesday, Paul Tudor Jones, founder of Tudor Investment Corp., spoke about bitcoin as his preferred hedge against inflation. He stated:
There is clearly a place in crypto. It’s clearly winning the race against Gold at the moment… I would prefer it over Gold at the Moment.
He continued, “I have crypto in single numbers in my portfolio.” “I believe we are moving towards a more digitalized world,” he said.
Jones expressed concern about rising inflation and said that it was posing a significant threat to the U.S. financial market and the recovering Covid-hit economies.
After the first US bitcoin futures exchange-traded funds (ETFs) began trading on the NYSE, the price of bitcoin surpassed its all-time highs. Over the past 12 month, gold lost 8% while bitcoin gained 437%.
Jones, a billionaire investor, was asked about investing in bitcoin ETFs as a way of getting exposure to the cryptocurrency. Jones admitted that he wasn’t an expert on ETFs.
The best way to get in is to actually own bitcoin and take the time to learn how it works. I believe the ETF would work fine. It should be a great comfort to know that it has been approved by the SEC.
Jones was also asked whether approval of ETFs means that regulators believe crypto is here to stay. Jones replied:
Cryptocurrency is here to stay, I believe.
He explained that the U.S. is the most powerful economic power in the globe because it unleashes its individual entrepreneurship and creativity.
He said that China is doing exactly the opposite. This place is economically slow to reach the south pole.
The billionaire fund manager previously said that bitcoin was a store of wealth, like gold. He began recommending BTC for portfolios early last year. In October 2020, he said that he saw massive upside in bitcoin and likened investing in the cryptocurrency to investing in early Apple or Google.
