Hedge fund pioneer Paul Tudor Jones has become one of the very first big-name investors to embrace Bitcoin.
In a move that has astonished many in the financial world, Jones, the founder and CEO of Tudor Investment Corporation, announced that he sees Bitcoin as a hedge against inflation caused by central banks printing money.
In the market Outlook document titled “The Great Monetary Inflation“ he explained that he sees Bitcoin as one of the best bets going forward and that it reminds him of how gold played a similar role during the recession of the 1970s.
“We are witnessing The Great Monetary Inflation – an unprecedented expansion in every form of money unlike anything the developed world has seen.”Paul Tudor Jones
Jones, has become one of the first big hedge fund managers to bring Bitcoin into its portfolio.
He flirted with the crypto market back in 2017 but now believes the time is ripe for wholesale investment, especially since the outbreak worldwide of the Coronavirus.
“I am not a hard-money nor a crypto nut,” he wrote. “The most compelling argument for owning Bitcoin is the coming digitization of currency everywhere, accelerated by Covid-19.”
“The most compelling argument for owning bitcoin is the coming digitisation of currency everywhere, accelerated by COVID-19”Paul Tudor Jones
The note comes out just days out from the highly anticipated Bitcoin halving with many market watchers expecting the price to break well above the $10K mark.
Jones’ words were heard loud and clear by Tyler Winklevoss, the American cryptocurrency and Bitcoin investor.
The entrepreneur, and founder of Winklevoss Capital Management hailed the news as proof that smart money from Wall Street is now getting involved in the crypto market.
By the looks of things he could well be right.