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Billionaire Paul Tudor Jones Says He’s Sticking With Bitcoin, Calls BTC His Longest Bet

Billionaire Paul Tudor Jones Says He’s Sticking With Bitcoin, Calls BTC His Longest Bet

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Source: Daily Hodle

Hedge fund billionaire Paul Tudor Jones says he has no plans to let go of his Bitcoin (BTC) allocation despite the crypto king’s bearish price action over the past year.

In a new CNBC interview, the legendary investor says that Bitcoin is by far his longest bet.

In May 2020, Paul Tudor Jones revealed that he has allocated 1% to 2% of his multi-billion-dollar portfolio to Bitcoin. According to the billionaire, he will continue to hold on to his Bitcoin positions due to BTC’s unique value proposition.

“I’ve never sat on a horse that long… From the beginning, I’ve always said I want to have a small allocation to [Bitcoin] because it’s a great tail event. It’s the only thing that humans can’t adjust the supply in, so I’m sticking with it. I’m going to always stick with it. It’s just a small diversification in my portfolio.” 

Although Paul Tudor Jones says he’s keeping his minor Bitcoin allocation, the billionaire notes that he believes BTC’s future growth might be muted due to the current administration’s aggressive stance against the crypto industry.

He also points out that the prospects of gold and Bitcoin might suffer as he believes inflation is about to cool off with the rise of AI.

“What do I think right now? I liked it last December… I’m looking at it with gold, and I think they’ve done so well recently because of the fact that we have had these risk premiums. 

I wonder whether they may not be boring in the future. Bitcoin has a real problem because, in the United States, you have the entire regulatory apparatus against it. So it’s just yesterday’s news. 

If inflation is truly done a bit – if that story has been played, then you have to wonder, we were buying gold and Bitcoin for the inflation hedges. That game may be over.

Six months ago, before AI, before the possible productivity boost that we’ll get from it, I would have said a completely different story with regard to inflationary future and with regard to all the inflation hedges.” 

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The post Billionaire Paul Tudor Jones Says He’s Sticking With Bitcoin, Calls BTC His Longest Bet appeared first on The Daily Hodl.

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Author: Daily Hodl Staff