Billionaire hedge fund manager Paul Tudor Jones says cryptocurrencies, specifically Bitcoin and Ethereum, “at much higher values than where we are today.” He stated that they will be. Confirming that he still owns bitcoin, the renowned 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 discussed bitcoin and the U.S. economy in an interview with CNBC on Monday. Jones is the founder of Tudor Investment Corporation, an asset management firm. His current net worth is $7.5 billion, according to Forbes.
Answering questions about Bitcoin, its use as a hedge against inflation, and whether he still has someBTC, Jones said.
I always had a small allocation to it (bitcoin) … In a time when there is too much money, too much fiscal spending, something like crypto, especially bitcoin and ethereum, it will have value at some point.
He further noted that “we will have to do fiscal consolidation.”
The billionaire was asked if the crypto he mentioned was “worth much more than where we are today,” Jones replied.” Oh yeah I think so.”
Jones has been a bitcoin pro for quite some time; in May he said, “It’s hard to want to be long crypto.” He has previously said he prefers crypto over gold as a hedge against inflation. He also put his friend Stan Druckenmiller into bitcoin. But the billionaire chairman and CEO of Duquesne Family Office LLC recently said he no longer holdsBTC. Still, Druckenmiller said, “I think cryptocurrencies will play a big role in the renaissance because people will no longer trust central banks.”
Paul Tudor Jones on the U.S. economy and recession
Jones also offered his views on the U.S. economy. In response to the question of whether or not we are in a recession, he states.
I don’t know if it started now or two months ago. I always know, and I am always surprised when a recession officially starts, but I believe we are going into a recession.
The billionaire added, “Most recessions last about 300 days from their start. The stock market, for example, falls 10%. The first thing that will happen is that short-term interest rates will stop rising and start falling before the stock market actually hits bottom.”
Jones further opined.
Inflation is like toothpaste. Once it’s out of the tube, it’s hard to get it back in, and the Fed is scrambling to wash that taste out of our mouths… If we go into a recession, it will have real negative consequences for a variety of assets.
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