Crypto enthusiasm has reached billionaire investor Paul Tudor Jones.
The macro investor is buying Bitcoin, according to a Bloomberg report, and describes the world’s leading cryptocurrency as a hedge against central banks and their monetary policies, which have led to unprecedented amounts of money printing in the wake of the global pandemic.
Jones expects inflation to rise and is turning to BTC as a form of digital gold. Bloomberg reports that he’s telling clients “it reminds him of the role gold played in the 1970s.”
Jones writes in a letter to his investors,
“The best profit-maximizing strategy is to own the fastest horse. If I am forced to forecast, my bet is it will be Bitcoin.”
The billionaire macro manager’s BVI fund, valued at $22 billion, may hold as much as low single-digits of its assets in Bitcoin futures.
Bitcoin, which was trading at $7,326 one month ago, is now up 33% at $9,787, and has surged over 5% in the past 24 hours.
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