Prominent investor and billionaire on Wall Street, Paul Tudor Jones, said he liked Bitcoin “more than I did at the time,” referring to his initial investment that was announced in May 2020.
Jones praised Bitcoin on CNBC’s Squawk Box morning show, stating it had a “one-to-one small investment” in the original.
The investment challenge remains unchanged – Bitcoin is an excellent hedge against inflation, which is expected to rise in the next few years due to central bank intervention. Pending quantities of quantitative easing and balance sheet expansion, combined with stronger inflation commitments from the Fed, have raised inflation expectations.
According to Jones, Bitcoin is one of the better “inflationary deals” compared to traditional options such as gold, Treasury inflation, copper, and other more sophisticated strategies.
“Bitcoin has a lot of really smart and sophisticated people who believe in it,” added Jones. “It’s like investing with Steve Jobs and Apple or investing early in Google.”
Paul Tudor Jones is an industry expert best known for his prediction of the correct 1987 stock market crash known as Black Monday. According to his previous statements, the Bitcoin community was full of excitement due to support. Some predicted that Jones would soon become the largest holder of bitcoin.
Some see Jones’ recommendation as a potential break for many institutional investors who may feel more confident about investing in this asset class after the big names have already taken the leap.