Billionaire Jones prefers bitcoin as a hedge against inflation over gold | latest news

Billionaire Jones prefers bitcoin as a hedge against inflation over gold | latest news
Billionaire Jones prefers bitcoin as a hedge against inflation over gold | latest news

The founder of asset management firm Tudor Investment Corp, billionaire Paul Tudor Jones told CNBC that he currently views cryptocurrencies as his preferred inflation hedge compared to gold.

He added that Bitcoin is “currently winning the race against gold”.

Jones expressed concern about high inflation, noting that it poses a major threat to US financial markets and the recovery of the economy affected by the Corona virus.

“Obviously there is a place for cryptocurrencies. They are clearly outperforming gold at the moment… Currently it would be my favorite over gold,” he said.

“I have cryptocurrencies in the single digits (below 10%) in my investment portfolio,” he continued, adding, “I think we are moving into an increasingly digital world.”

In June, Jones told CNBC that bitcoin was a great way to protect his wealth in the long run, describing the world’s largest cryptocurrency as a storehouse of wealth like gold.

The price of Bitcoin has surpassed all-time highs, after the first fund to be traded on the Bitcoin Futures Exchange (ETF) in the United States began trading on the New York Stock Exchange.

Gold has fallen 8% over the past 12 months, while Bitcoin has jumped 437 percent.

Jones said he’d rather actually own bitcoin than invest in a bitcoin futures ETF.

When asked if approval of the ETF means regulators are saying cryptocurrency is here to stay, Jones replied, “I think cryptocurrency is here to stay.”

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Billionaire Jones prefers bitcoin hedge inflation gold latest news

 
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