Billionaire Paul Tudor Jones Now Prefers Crypto Over Gold as Inflation Hedge – Bitcoin Information
Billionaire hedge fund manager Paul Tudor Jones says Bitcoin is currently “winning the race against gold”. He added that the cryptocurrency is his preferred inflation hedge over gold.
Paul Tudor Jones chooses Bitcoin over gold
Paul Tudor Jones, the founder of wealth management firm Tudor Investment Corp., spoke in an interview with CNBC on Wednesday about Bitcoin being his preferred hedge against inflation. He said:
There is clearly a place for crypto. It is clear that right now it is winning the race against gold … It would be my favorite over gold right now.
“I have single-digit crypto in my portfolio,” he continued. “I think we are moving into an increasingly digitized world.”
Jones said he was concerned about rising inflation and noted that it posed a major threat to US financial markets and the recovering Covid-hit economy.
Bitcoin’s price surpassed an all-time high on Wednesday after the U.S.’s first publicly traded Bitcoin Futures Fund (ETF) began trading on the NYSE. Gold lost 8% over the past 12 months while Bitcoin gained 437%.
The billionaire investor was asked to comment on investing in a Bitcoin ETF to get exposure to the cryptocurrency. Jones admitted that he is not “a real expert on ETFs” and said:
I think a better way to own the physical bitcoin would be to take the time to learn how to own it … I think the ETF would be fine. I think the fact that it is SEC approved should give you great convenience.
He was also asked if approving an ETF means regulators say crypto will stay here. Jones replied:
I think crypto is here to stay.
He went on to explain why the US is “the most important economic power in the world because we let our individual entrepreneurship and creativity run wild”.
In contrast, he said, “China is doing just the opposite. This place is on an economically slow boat to the South Pole. “
The multi-billion dollar fund manager previously said that bitcoin, like gold, is a store of wealth. He started recommending BTC for portfolios early last year. In October 2020, he said he saw a massive uptrend in Bitcoin, comparing investments in the cryptocurrency to investments in early Apple or Google.
What do you think of Paul Tudor Jones’ comments on Bitcoin and Gold? Let us know in the comment section below.
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