Billionaire hedge fund manager Paul Tudor Jones, who in the past has revealed he sees bitcoin as an inflation hedge, has revealed he is now even more bullish on BTC and that he believes the cryptocurrency’s rally still has room to grow.
Speaking to CNBC’s “Squawk Box,” Jones revealed he holds a “small-single digit investment” in bitcoin, giving the community an updated on his initial BTC allocation made in May, when he said he had over 1% of his assets in BTC. He pointed out he now likes BTC more than back then.
I like bitcoin even more now than I did then. I think we are in the first inning of bitcoin and it’s got a long way to go.
The hedge fund manager revealed he believes that the unprecedented quantitative easing from the Federal Reserve could see inflation make a grand comeback. Jones noted that he initially recommended BTC because it was “one of the menu of inflation trades, like gold, like TIPS breakevens, like copper,” and added he came to the conclusion bitcoin was going to be the “best inflation trade.”
CryptoCompare data shows that bitcoin is currently trading at $12,800 after testing the $13,000 mark earlier today. The cryptocurrency has fully rebounded from the coronavirus-induced market crash it endured in March, when its price briefly dropped to $3,800.
The cryptocurrency’s price moved up to test the $13,000 mark after PayPal revealed it will now let its over 300 million users buy, sell, and hold Bitcoin, Bitcoin Cash, Ethereum, and Litecoin on its platform.
Jones also compared investing in bitcoin to betting on some of the biggest tech firms in the world, like Apple and Google. He said:
Bitcoin has this enormous contingence of really, really smart and sophisticated people who believe in it. It’s like investing with Steve Jobs and Apple or investing in Google early.
CNBC details that Jones became famous after predicting and profiting off of the 1987 stock market crash.
Featured image via Pixabay.