Paul Tudor Jones revealed that around 1-2% of his assets are in Bitcoin. According to him, every day people trust in BTC more.Paul Tudor Jones in an interview on Monday said that the famous financial arena Wall Street would experience the birth of another store of value in Bitcoin. While saying this, the investor also expressed concerns about the crypto. He said that there is minimal trust in it.Paul Jones also revealed that around 1-2% of his assets are in Bitcoin. He said every day that Bitcoin survives people trust in it more. Recently, Jones said to investors that he is betting on Bitcoin as a way to maximize profit.He also said the crypto would act as a panacea to the looming inflation he predicts the world would plunge into very soon. The investor further likened the digital asset to
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Paul Tudor Jones revealed that around 1-2% of his assets are in Bitcoin. According to him, every day people trust in BTC more.
Paul Tudor Jones in an interview on Monday said that the famous financial arena Wall Street would experience the birth of another store of value in Bitcoin. While saying this, the investor also expressed concerns about the crypto. He said that there is minimal trust in it.
Paul Jones also revealed that around 1-2% of his assets are in Bitcoin. He said every day that Bitcoin survives people trust in it more. Recently, Jones said to investors that he is betting on Bitcoin as a way to maximize profit.
He also said the crypto would act as a panacea to the looming inflation he predicts the world would plunge into very soon. The investor further likened the digital asset to gold. He says it reminds him of the role the precious metal played in the 1970s.
However, Jones’ recommendation and crypto investment seemed a bit unusual especially when tracking his past investment. Also, looking at how he bet against the stock market in 1987, it doesn’t add up for his type of investor. But then, he has clung on to his crypto investment against other stores of value like the U.S dollars.
He believes that fiat currencies backed by the government will diminish in value over time. According to him, investors do away with fiat. Legislators, however, continue to spend the currency more than they generate in revenue. Afterward, they rely on the central bank to pump more cash into the economy, thereby decreasing the purchasing power of the dollar.
Analyzing fiat as regards its purchasing power, Jones explained that people who possess cash, central banks always depreciate its value every 2 years meaning, the store of value in their hand is a wasting one
Unlike fiat, Bitcoin is not subject to government spending but risky because it is only 11 years old. Jones said that outside Bitcoin, his assets are invested in gold and inflation hedge. He believes gold could surge exponentially in value if inflation hikes.
The investor said that a second depression is imminent if the pandemic is not contained in a year. In March, Jones predicted that the stock market would rise by June if coronavirus cases began to rise. His predictions were right as theS&P 500 surged 15% since he made the prediction, and Nasdaq composite has turned positive for the year.
Muhaimin is a journalist, a fintech and crypto enthusiast who is passionate about its development in Africa and across the globe. Muhaimin derives pleasure in reporting and analysing happenings in the crypto world and a believer in Blockchain technology.