Paul Tudor Jones says he likes Bitcoin much more now, rally in "first inning"
Billionaire hedge fund manager Paul Tudor Jones has been more optimistic about Bitcoin and calls it the best inflation hedge.
"I like Bitcoin even more now than I did then. I think we are in the first inning of Bitcoin and there is still a long way to go," Jones said Thursday in CNBC's "Squawk Box". He first announced his Bitcoin investment in May and on Thursday said he had a "small single-digit investment" in the cryptocurrency.
The longtime trader believes the unprecedented quantitative easing by the Federal Reserve is setting the stage for a big inflation comeback.
"The reason I recommended Bitcoin is because it belongs to the inflation trades, like gold, like TIPS Breakevens, like copper, like a long yield curve, and I've come to the conclusion that Bitcoin will be the best inflation trade. "Jones said.
Bitcoin fully recovered from its coronavirus lows in March. The digital coin hit its highest level since January 2018 on Thursday, trading at around $ 12,900. This week's strength was mainly based on news that PayPal will allow its users to buy, hold and sell cryptocurrencies.
The founder and chief investment officer of Tudor Investment Corporation also compared investing in Bitcoin to putting money behind some of the biggest tech companies like Apple and Google.
"Bitcoin has this tremendous number of really, really smart and sophisticated people who believe in it," Jones said. "It's like investing in Steve Jobs and Apple or investing early in Google."
Jones rose to fame after predicting and profiting from the 1987 stock market crash. He is also chairman of the nonprofit JUST Capital, which evaluates US public companies based on social and environmental criteria.
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