The billionaire Paul Tudor Jones now prefers crypto to gold as inflation protection -
The billionaire Paul Tudor Jones now prefers crypto to gold as inflation protection -
The billion-dollar hedge fund manager Paul Tudor Jones says that Bitcoin is currently "winning the race against gold". He added that cryptocurrency is its preferred inflation protection against gold.
Paul Tudor Jones chooses Bitcoin to gold
Paul Tudor Jones, the founder of the asset management company Tudor Investment Corp., spoke in an interview with CNBC on Wednesday that Bitcoin was his preferred protection against inflation. He said:
There is clearly a place for crypto. It is clear that it is gaining the race against gold at the moment ... At the moment it would be my favorite towards gold.
"I have crypto in the single -digit area in my portfolio," he continued. "I think we move into an increasingly digitized world."
Jones said he was concerned about the increasing inflation and found that it was a big threat to the US financial markets and the recovering economy affected by Covid.
The Bitcoin price exceeded an all-time high on Wednesday after the first stock market traded Bitcoin Futures Fund (ETF) in the USA had started trading on the NYSE. Gold lost 8 % in the past 12 months, while Bitcoin added 437 %.
The billion-dollar investor was asked to comment on an investment in a Bitcoin ETF in order to obtain an engagement in cryptocurrency. Jones admitted that he is not a "real expert for ETFs", and said:
I think it would be a better way to have the physical bitcoin, take the time to learn how to have it ... I think the ETF would be fine. I think the fact that it is second-time should offer you great comfort.
He was also asked whether the approval of an ETF means that the supervisory authorities say that crypto will stay here. Jones replied:
I think crypto is here to stay.
he further explained why the USA is "the most important economic power in the world because we let our individual entrepreneurship and our creativity run free".
In contrast, he said: "China does exactly the opposite. This place is on an economically slow boat for the South Pole."
The billion -dollar fund manager previously said that Bitcoin was a wealth memory like gold. He began recommend btc for portfolios at the beginning of last year. In October 2020, he said that he saw a massive upward trend at Bitcoin and compared Early Apple or Google.
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