Bitcoin Racing Towards $10K After Bullish Comments From Tudor Investment CIO

Siamak Masnavi

On Thursday (May 7), Bitcoin extended its recent gains, surging past $9800, after legendary trader Paul Tudor Jones II, who is the Founder and the Chief Investment Officer of asset management firm Tudor Investment Corp. reportedly said that he sees Bitcoin as an inflation hedge. 

The Tudor Investment CEO's comments were published in a report by Bloomberg around 16:30 UTC and within one hour, according to data from CryptoCompare, the Bitcoin price had reached almost $9,900, which is the highest it has been since February 23:

BTC-USD 24 Hour Chart 3 on 7 May 2020.png

Per the Bloomberg report, Jones, whom CNBC calls "one of Wall Street’s most-successful and seasoned hedge fund managers", said in a note (titled "The Great Monetary Inflation") to his firm's clients that he sees Bitcoin acting as a hedge against future inflation (caused by massive amount of money printing by central banks) just like gold behaved as an inflation hedge in the 1970s:

“The best profit-maximizing strategy is to own the fastest horse... If I am forced to forecast, my bet is it will be Bitcoin.”

Jones apparently also said that his Tudor BVI fund "may hold as much as a low single-digit percentage of its assets in Bitcoin futures."

We will update this article as further information becomes available.

Featured Image by "Maklay62" via Pixabay.com