Famed Wall Street investor and billionaire Paul Tudor Jones said that he likes Bitcoin "even more than I did then,” referring to his initial investment announced in May 2020.
Jones praised Bitcoin on CNBC’s Squawk Box morning show, revealing that he holds a “small single-digit investment” in the asset.
His investment thesis remains unchanged — Bitcoin is an excellent hedge against inflation, which is expected to ramp up in the next few years due to central bank intervention. Unprecedented amounts of quantitative easing and balance sheet expansion, in addition to more aggressive commitment to inflation by the Fed, resulted in heightened inflation expectations.
Bitcoin, according to Jones, is one of the best “inflation trades” when compared to traditional options like gold, Treasury Inflation-Protected securities, copper and other more complex strategies.
“Bitcoin has this enormous contingence of really, really smart and sophisticated people who believe in it,” Jones added. “It’s like investing with Steve Jobs and Apple or investing in Google early.”
Paul Tudor Jones is an industry veteran, first rising to fame for correctly predicting the 1987 stock market crash, known as Black Monday. Following his earlier statements, the Bitcoin community buzzed with excitement due to the endorsement. Some predicted that Jones would soon become the largest Bitcoin holder.
Some see Jones’s endorsement as a potential icebreaker for more institutional investors, who may feel more confident investing in the asset class after familiar names have already made the leap.