Digital Assets: Paul Tudor Jones to CNBC on Bitcoin: “It’s a Great Speculation”

https://dailyalts.com/wp-content/uploads/2020/05/cryptocurrency-3123849_640.jpg

The billionaire hedge fund manager and legendary macro trader holds 1-2% of his assets in bitcoin.

Paul Tudor Jones, the founder, and chief executive at Tudor Investment Corp. told CNBC that Wall Street could be having a grandstand seat at the historic “birthing of a store of value” in bitcoin. The storied investor trashed fiat currencies for the destruction in their purchasing power due to incessant money printing by central banks. (CNBC)

Bitcoin stands up better as a store of value

“It’s a great speculation. I’ve just got something … just over 1% of my assets in bitcoin,” Jones said today to CNBC. “Maybe it’s almost two. That seems like the right number right now.”

Jones was in the limelight last week after he disclosed that he is a buyer of bitcoin. He was writing in a market outlook note titled “The Great Monetary Inflation.”

“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 wrote.

“We are witnessing the Great Monetary Inflation — an unprecedented expansion of every form of money, unlike anything the developed world has ever seen,” he said, referring to his estimate that $3.9 trillion of money had been printed since February.

Jones, therefore, became the first marquee hedge fund manager to come out in support of bitcoin.

“I am not a hard-money nor a crypto nut,” he wrote. “The most compelling argument for owning Bitcoin is the coming digitization of currency everywhere, accelerated by Covid-19.”

Cash a wasting asset

Today, Jones told CNBC that cash in the present day and time was a “wasting asset,” because central banks through their activities were erasing the purchasing power of cash by 2% annually.

Investors were still wary of bitcoin because, at 11 years of age, it was a relatively new asset.

“Every day that goes by that bitcoin survives, the trust in it will go up,” he added, however.

“When I think of bitcoin, look at it as one tiny part of a portfolio. It may end up being the best performer of all of them, I kind of think it might be,” Jones said.

Related Story: Digital Assets: Bitcoin Nudges the $10,000 Mark, Fans Bullish Targets                                                   

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2022/09/Breeding-Black-Soldier-Flies©ParisTsitsosforLivinFarms-scaled.jpg
Venture Capital: LIVIN Farms, A Provider Of Bugs On Subscription, Raises €6M Series A

LIVIN Farms, an industrial technology provider in the alternative protein industry, has developed HIVE PRO, a fully automated process that allows waste management companies and large scale food producers to…

https://dailyalts.com/wp-content/uploads/2022/09/gavel-gbf1ca5f08_640.jpg
Digital Assets: Sam Bankman-Fried’s FTX US Wins Auction For Voyager Digital’s Bankruptcy Assets With $1.4B Bid
September 28, 2022     Digital Assets, News

West Realm Shires Inc., dba FTX US, has won the bankruptcy auction for the assets of Voyager Digital with a bid of about $1.422 billion. It was held to be…

https://dailyalts.com/wp-content/uploads/2022/09/alex-knight-B0-kMa8BgU-unsplash.jpg
Artificial Intelligence: Clearview Nabs Patent For Technology That Creates Bias-Free Algorithms

Clearview AI announced its win of the “Scalable Training Data Preparation Pipeline And Efficient Distributed Trainer For Deep Neural Networks In Facial Recognition” patent (U.S. Patent No. 11,443,553) issued by…

https://dailyalts.com/wp-content/uploads/2022/09/UN17SDGs.jpg
Alternative Investments/ESG: The Newday Sustainable Development Equity ETF

Newday offers portfolios addressing the world’s most pressing environmental and social issues including climate action, ocean health, clean water, diversity, equity and inclusion, wildlife conservation and animal welfare, and stakeholder…