Bitcoin As An Inflation Hedge Against Gold

Paul Tudor Jones, billionaire CEO of Tudor Investment Corporation, has reiterated his support for Bitcoin. He stated that cryptocurrency is part of his portfolio and considered it to be superior to gold for inflation hedge.

Jones Remains a Believer

The hedge fund manager shared his views on CNBC’s Squawk Box today. Jones had shown new support for cryptocurrency in an episode from May 2020, the interviewer said. In response to the pandemic, he began to show interest in Bitcoin as an inflation protection.

Since then, the billionaire has maintained his position.

“Bitcoin would be a great inflation hedge,” he said.

Jones stated that crypto accounts for a small percentage of his portfolio. The asset also holds a small trading position for Jones’ fund.

“I do think we’re moving into an increasingly digitized world. Clearly, there’s a place for crypto, and clearly, it’s winning the race against gold at the moment, right?”

Jones stated that he prefers Bitcoin to gold at the moment, even though cryptocurrency is at all-time highs.

He also shared his thoughts about the ProShares Bitcoin Futures Exchange Tradeable Fund’s recent launch. He said he prefers to hold actual Bitcoins than a derivative and echoed the sentiments of other investors. He does acknowledge that the approval of the SEC will be a relief for crypto enthusiasts.

Bitcoin is better than gold, say investors

Jones is not the only billionaire who uses Bitcoin to hedge against inflation. Orlando Bravo, co-founder and CEO of Thoma Bravo, recently praised Bitcoin for the exact same property. He stated that he is “very bullish on BTC‘s prices” and has several blockchain-related investments plans for the future.

Jordan Belfort, aka “The Wolf on Wall Street”, predicted that Bitcoin would reach $100k earlier this year. He also believes that its finite supply should mean that owners should be spoiled by it.

JP Morgan’s analysis would also reveal that other large investors are joining the fray. The bank believes that institutions are investing in Bitcoins with the same mindset as Jones.