The founder of the hedge fund Tudor Investment, which last year invested 1% of its assets in the first cryptocurrency, said he considers it a good hedge against inflation.Tudor Investment hedge fund founder and billionaire Paul Tudor Jones told CNBC that Bitcoin is gaining the upper hand in the race against gold.
According to Jones, the world is moving towards a digital future that has room for cryptocurrency. The billionaire noted that he now prefers bitcoin over gold, and also considers the first cryptocurrency to be a good inflation hedge.
On October 20, the price of bitcoin renewed its historical maximum, exceeding $ 67 thousand. Over the past day, the first cryptocurrency has risen in price by 8%.
Jones also commented on the start of trading in the first US Bitcoin ETF based on the futures of the Chicago Mercantile Exchange (CME Group).
The billionaire noted that he considers the best way to enter the crypto market is to buy bitcoin and directly own the asset.
"Clearly there is a place for #crypto and clearly it's winning the race against #gold at the moment," says @ptj_official on #bitcoin. "I would think that would also be a very good #inflation hedge. It would be my preferred one over gold at the moment." pic.twitter.com/CWbcSM8Sab
— Squawk Box (@SquawkCNBC) October 20, 2021
Last May, Jones revealed that he had invested 1% of his assets in bitcoin. According to Forbes, at that time, Jones’s fortune was about $ 5.1 billion, therefore, he invested about $ 50 million in bitcoin. Then the billionaire said that he believed in the first cryptocurrency and called it a new store of value.
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