Legendary billionaire hedge fund manager Paul Tudor Jones revealed that he still holds a small portion of bitcoin while stating that the U.S. economy might be going into recession or already is in one. Tudor Jones also said the value of assets such as ETH and BTC could increase amid inflation and excessive fiscal spending. Jones Remains Optimistic About Bitcoin In a CNBC interview on Monday (October 10, 2022), Jones stated that there has been a “massive experimentation with monetary policy” in the last 12 years while saying that the next United States President come 2024 would be dealing with extreme debt dynamics that could cause fiscal retrenchment. Speaking about cryptocurrency, the hedge fund manager said Bitcoin and Ethereum could rise in value in the future amid
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Legendary billionaire hedge fund manager Paul Tudor Jones revealed that he still holds a small portion of bitcoin while stating that the U.S. economy might be going into recession or already is in one.
Tudor Jones also said the value of assets such as ETH and BTC could increase amid inflation and excessive fiscal spending.
Jones Remains Optimistic About Bitcoin
In a CNBC interview on Monday (October 10, 2022), Jones stated that there has been a “massive experimentation with monetary policy” in the last 12 years while saying that the next United States President come 2024 would be dealing with extreme debt dynamics that could cause fiscal retrenchment.
Speaking about cryptocurrency, the hedge fund manager said Bitcoin and Ethereum could rise in value in the future amid inflation. However, Jones did not state when the potential price increases of both crypto assets would happen.
“In a time where there is too much money which is why we have inflation and too much fiscal spending, something like crypto, specifically Bitcoin and Ethereum, where there is a finite amount of that, that will have value at some point someday. I don’t know when that will be, but it will have value, that scarcity premium.”
While central banks can print excessive amounts of money, the situation is not the same for bitcoin, as the asset’s supply is capped at 21 million. Ethereum, meanwhile, turned deflationary for the time being, with the total number of ETH in circulation recently dropping 0.41%. The deflation is caused by a token called XEN.
Crypto as a Favorable Alternative
The billionaire also mentioned that he still had a “minor allocation” in bitcoin, despite the drop in its price from November 2021 ATH of nearly $70,000 to its current value of $20,000. Jones allocated between 1% and 3% of his portfolio in BTC in May 2020 to protect himself against potential increasing inflation in the U.S.
Later in June 2021, the hedge fund manager revealed intentions to put 5% of his portfolio in bitcoin, stating that the crypto asset is secure, honest, and 100% reliable.
Interestingly, Jones’ statement echoes a similar sentiment shared by billionaire American investor Stanley Druckenmiller, who said that crypto could have a big role in a renaissance as people begin to have less trust in central banks. However, unlike Jones, Druckenmiller is staying away from Bitcoin and other crypto assets.