Billionaire Paul Tudor Jones says Bitcoin will have a much higher value ‘someday’

American billionaire and hedge fund manager Paul Tudor Jones has stressed that cryptocurrencies such as Bitcoin (BTC) will have a much higher value in the future despite the current market volatility in the crypto space.

Speaking with CNBC’s Squawk Box on October 10, Paul Tudor Jones also highlighted that there would be significant consequences if inflation is not tamed “we’re going to have to have fiscal retrenchment.”

Mr. Jones said he still holds Bitcoin revealing that he’s “always had a small allocation of it,” noting that in a time where there’s too much money, something like crypto, specifically Bitcoin and Ethereum (ETH), will have value at some point.

“When there’s too much money why, which is why we have inflation and too much physical spending something like crypto, specifically Bitcoin and Ethereum where there is a finite amount of that. That will have value at some point, someday” he said.

The billionaire said that he did not know when that day would occur but that it would have value owing to the scarcity and that value would be far more than it is now.

Paul Tudor Jones still holds Bitcoin

Co-Founder of Reflexivity Research Will Clemente shared his thoughts on the billionaire’s statement, saying, “big boys understand BTC is a debasement hedge. Cat is out of the bag.”

Clemente added:

“Of course current monetary conditions are trending in the opposite direction for the time being. Just stating that Bitcoin is now viewed as a gauge for liquidity conditions. That’s a big deal for the legitimization of this asset IMO.”

However, crypto skeptic Peter Schiff unsurprisingly was critical of the hedge fund managers’ opinion, suggesting that Jones has already taken profits and is now gambling with his initial stake.

“Paul Tudor Jones just admitted to still holding a minor allocation to Bitcoin. Not a very compelling endorsement from the first big main-stream investor to take a position. My guess is Jones already took profits on his initial purchase and is now gambling with the house’s money.”

Given Jones’ bullishness two and a half years ago, the consensus is that it wasn’t exactly a roaring endorsement of cryptocurrency. Midway through the year 2020, the titan of the hedge fund industry said that he had invested between one and two percent of his multibillion-dollar portfolio in bitcoin.

Later, he said that if the Federal Reserve proceeded along its path of monetary debasement, he might consider investing as much as 5% of his assets in Bitcoin. His comments made at that time helped push crypto prices higher at a time when the industry was already in a bull market.

Due to the fact that the price of Bitcoin has not moved much from its current trading pattern in the low $19,000 range, his comments on digital assets today appear to have had little impact thus far on the flagship cryptocurrency.

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