CNBC’s Squawk Box featured billionaire hedge-fund manager Paul Tudor Jones, who stated that he now favors Bitcoin over gold as a means of securing himself against inflation.
In an interview with Forbes, Tudor Investment Corporation’s founder and chief investment officer, Jones — who oversees approximately $40 billion in assets under management — shared his thoughts on Bitcoin:
“Listen, I said it then, and I’ll say it again now: I have cryptocurrency in single digits in my portfolio. At our fund, I have a tiny trading position in the stock market. I believe that we’re going into a more digitally oriented world.”
“Bitcoin will prove to be an excellent hedge,” Jones said, who compared Bitcoin to gold, which is a conventional but trailing hedge against inflation, in terms of being a long-term store of wealth.
Head-shaking increase
According to Bitcoin Magazine’s Alex McShane, Bitcoin has risen by a mind-boggling 8.3 billion percent since it was initially valued in dollars, making it the biggest appreciating asset in human history in terms of US dollars, as of Thursday.
“It’s clear that it’s winning the race against gold right now, don’t you think?” Jones said. “So, certainly, I believe that would be an excellent inflation hedge as well.”
Bitcoin surpassing the yellow metal
It’s not only that Bitcoin is outpacing gold; it’s also outpacing every other asset in the race to be the world’s first decentralized, uncensorable, terminally scarce, peer-to-peer form of money.
Jones continued by emphasizing that Bitcoin, rather than gold, is his preferred inflation hedge at the present, but that this is not the case all of the time. Bitcoin will outperform all other assets, he said.
His comments came as Bitcoin floated within $500 from hitting a new all-time high, and 99% of holders were in the green.
Image courtesy of Cointelegraph News/YouTube
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