Billionaire Paul Tudor Jones expects Bitcoin price to be ‘much higher’ than today

Billionaire hedge fund manager Paul Tudor Jones said cryptocurrencies, specifically bitcoin and ethereum, will “be worth much more than they are now.” Confirming that he still owns bitcoin, the popular hedge fund manager revealed that he “always” has a small allocation of bitcoin in his portfolio.

Famous Hedge Fund Manager Paul Tudor Jones Still Owns Bitcoin

Billionaire investor and renowned hedge fund manager Paul Tudor Jones spoke about bitcoin and the US economy in an interview with CNBC on Monday. Jones is the founder of asset management firm Tudor Investment Corp. According to Forbes, his current net worth is $7.5 billion.

In response to a question about bitcoin, its use as a hedge against inflation, and whether he has some BTC left, Jones said:

I always have a small allocation to it [bitcoin]… In a time when there is so much money, compared to a lot of financial spending, something like cryptocurrency, specifically bitcoin and ethereum, will have value in sometime.

“We’re going to have to cut finances,” he added.

The billionaire was asked if the cryptocurrency he mentioned would be “worth a lot more than we are now,” Jones replied, “Oh, I think so.”

Read more: Ark Invest CEO warns rate hikes could spur ‘deflating deflation’ in open letter to Fed

Jones has been a bitcoin advocate for a while. In May, he said, “It’s hard not to want to be crypto for the long term.” He has previously said that he prefers crypto to gold as a hedge against inflation. He also invited his friend Stan Druckenmiller to bitcoin. However, the billionaire chairman and CEO of Duquesne Family Office LLC recently said he no longer holds BTC. However, Druckenmiller said he “could see crypto play a big role in the Renaissance because people won’t trust central banks.”

Paul Tudor Jones on the US economy and recession

Jones also shares his views on the US economy. In response to a question about whether we are in a recession, he said:

I don’t know if it started now or it started two months ago. We’re always learning and we’re always surprised at when the recession officially starts, but I think we’re going into a recession.

The billionaire added: “Most recessions last about 300 days from the start. The stock market fell 10%. The first thing that will happen is the short-term rate will stop rising and start going down before the stock market really bottoms out.”

Jones went on to choose:

Inflation is a bit like toothpaste. Once you take it out of the tube, it’s very difficult to put it back in. The Fed is furiously trying to get that taste out of their mouths. … If we go into a recession, that actually has negative consequences for many asset classes.

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