Billionaire hedge fund investor Paul Tudor Jones has yet again showered encomiums on Bitcoin, praising the leading digital asset’s prowess.
In his statement, the billionaire talked about the digital asset’s prowess even more than when he announced he had bought it. In May this year, Paul Tudor Jones told reporters that he has invested in Bitcoin while praising the hedge quality of the crypto.
He was on CNBC’s Squawk Box on Thursday when he showered massive encomiums on the flagship cryptocurrency. Jones is not the first to shower Bitcoin with immense praises as major experts have tipped the coin to reach $250,000.
Jones believes Bitcoin is the best hedge against inflation
In his interview on the CNBC Squawk Box, Jones, like many other analysts, believes that Bitcoin would be a fantastic hedge against the incoming inflation. Prominent analysts around America have noted the expected inflation due to the stimulus that has been released into the economy.
The U.S federal reserve is expected to pump close to $3 billion into the economy in the coming weeks to cushion the harsh effect of the coronavirus pandemic. The decision of the U.S Federal Reserve has been met with massive criticism.
In his statement, Paul Tudor Jones noted that Bitcoin is one of the best hedge against inflation compared to other traditional assets like Gold and government bonds. Furthermore, he said he thinks that the leading digital asset has all that it takes to become the commonplace store of value.
“With the impending inflation, Americans can hold their funds in bitcoin to save their business from the harsh realities of the inflation”, Paul Tudor Jones said. Furthermore, Jones mentioned that one needs no convincing about the coin’s genuineness as it has a wide range of believers and followers.
Paul Tudor Jones calls Bitcoin investors smart people
Paul Tudor Jones also branded the investors and traders of the coin as brilliant people. “Bitcoin has this enormous contingence of really, really smart and sophisticated people who believe in it. […] This group is crowdsourced from all over the world,” he said.
Furthermore, the billionaire says investing in Bitcoin is like investing in a new tech company. “It’s like investing with Steve Jobs and Apple or investing in Google early,” he said, admitting that he hadn’t realized this until his May interview with CNBC.
Bitcoin had witnessed a massive 270% rise following the March lows recorded when the coronavirus pandemic first broke out. Last week saw the coin touch a yearly high of $13,000 following PayPal announcing its listing on the app.
However, Jones believes that the coin has more room to make a mighty surge than its previous rise. Paul Tudor Jones became a household name after he correctly predicted the stock market disaster of 1987. Bitcoin enjoyed a price surge after Jones announced that he had purchased the coin in May with the asset moving above $10,000.