American billionaire hedge fund manager Paul Tudor Jones said in a Monday CNBC appearance that he still owns a small allocation of Bitcoin (BTC) despite the current market winter.
American Billionaire Reiterates Support For Bitcoin
The billionaire founder of Tudor Investment Corporation also reiterated his belief that digital assets such as Bitcoin and Ethereum (ETH) will eventually have value someday when there is too much money in circulation.
“When there’s too much money, 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,” Jones told CNBC.
As a prominent investor, Jones believes that the amount of money in circulation will decrease the supply of crypto assets, thereby increasing their value.
He further noted that the market value in the future would surpass the current market capitalization, which has been pegged below $1 trillion since the crypto winter.
In March, the American billionaire said, “It’s hard not to want to be long on crypto because of the intellectual capital that’s going into that space.”
Jones Invests Hugely in Crypto
Jones’ bullish stance on the leading cryptocurrency started in 2020 after the billionaire asset manager revealed that he had committed 1% to 2% of his entire business portfolio, worth billions of dollars, into investing in the digital asset. Buoyed by the endorsement news, bitcoin prices quickly skyrocketed and trended upwards.
He also said during the 2021 boom market that he could allocate as much as 5% to purchase bitcoin if the Federal Reserve continued to increase interest rate hikes. Just like the first remark, the news also helped pump BTC prices.
Crypto Wins Against Gold
Meanwhile, the billionaire told CNBC last year that crypto is winning the race against Gold as an investment hedge to curb inflation.
“I do think that we are moving into an increasingly digitized world. Clearly, there’s a place for crypto, and clearly, it’s winning the race against Gold.”
At the time, BTC prices were up around 121% in its Year-to-Date (YTD) records, while Gold was down by 6.95%.
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Source: https://coinfomania.com/billionaire-paul-tudor-jones-still-holds-bitcoin/