Billionaire Hedge-fund Manager Paul Tudor Jones said Wednesday on CNBC’s Squawk Box that he now prefers Bitcoin over gold as a hedge against inflation.
Billionaire Hedge-fund Manager Paul Tudor Jones said Wednesday on CNBC’s Squawk Box that he now prefers Bitcoin over gold as a hedge against inflation.
The founder and chief investment officer of Tudor Investment Corporation, boasting nearly $40 billion in assets under management, Jones expanded on his thoughts about Bitcoin: “Listen, I said then, I said now, I’ve got crypto in single digits in my portfolio. I have a small trading position at our fund. I do think we’re moving into an increasingly digitized world.”
He stated, “Bitcoin will be a great hedge.” As a long-term store of wealth tool, Jones compared Bitcoin to a traditional but lagging hedge against inflation, gold.
At the time of writing, Bitcoin appreciated is up 8.3 billion percent since it was first priced in dollars.
5 October 2009: 1BTC = $0.00076392
20 October 2021: 1BTC = $63,906.80
Making it perhaps the most appreciating asset in human history in US dollar terms.
“Clearly it’s winning the race against gold at the moment, right?” Jones continued. “So yes, I would think that would also be a very good inflation hedge.
Bitcoin is not only winning the race against gold, it is winning the race against every asset for a decentralized, uncensorable, terminally scarce, peer-to-peer currency. Jones concluded by saying that Bitcoin is his preferred inflation hedge over gold at the moment, but it is not just this moment. Bitcoin will outperform everything.
The comments came as Bitcoin hovered within $500 from a new all-time high, and 99% of holders were in the green.
