all about cryptop referances
Billionaire hedge fund manager Paul Tudor Jones says cryptocurrencies, particularly bitcoin and ethereum, will have “a value much higher than where we are today.” Confirming that he still owns bitcoin, the famous hedge fund manager revealed that he “always” has a small allocation of bitcoin in his portfolio.
Billionaire investor and renowned hedge fund manager Paul Tudor Jones talked about bitcoin and the US economy in an interview with CNBC on Monday. Jones is the founder of the 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 still has any BTC, Jones said:
I’ve always had a small allowance for it [bitcoin] … In an age where there is too much money, too much financial spending, something like crypto, specifically bitcoin and ethereum, that will have value at some point.
“We are going to have to have fiscal cuts,” he continued.
The billionaire was asked if the crypto he mentioned will be “at a value much higher than where we are today” Jones replied: “Oh yes, I think so.”
Jones has been pro-bitcoin for quite some time. In May, he said, “It’s hard not to want to be long crypto.” He previously said he preferred crypto to gold as a hedge against inflation. He also got his friend Stan Druckenmiller into bitcoin. However, the billionaire chairman and CEO of Duquesne Family Office LLC recently said he no longer holds BTC. Nonetheless, Druckenmiller said he “could see cryptocurrency having a big role in a renaissance because people are just not going to trust the central banks.”
Jones also shared 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 always find out, and we’re always surprised when the recession officially starts, but I guess we’re going into one.
The billionaire added: “Most recessions last about 300 days from the start of it. The stock market is down, say, 10%. The first thing that will happen is that short interest rates will stop going up and start going down before the stock market actually falls.”
Jones further opined:
Inflation is a bit like toothpaste. Once you get it out of the tube, it’s hard to get it back in. The feds are furiously trying to wash that taste out of their mouths. … If we go into recession, that has really negative consequences for a number of assets.
What do you think of Paul Tudor Jones’ comments? Let us know in the comments section below.
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