American billionaire Paul Tudor Jones has expressed his bullish outlook about Bitcoin (BTC) saying that investing in the digital asset now is the same as getting early into Apple or Google stocks. According to the wealthy hedge fund manager, the cryptocurrency is currently the best hedge against inflation.
Jones stated that he was becoming increasingly bullish about Bitcoin during his interview with CNBC Squawk Box on Thursday Oct. 22. So much so that the renowned investor compared Bitcoin holders to the people that invested early in tech stocks of Apple and Google. Back then these companies were relatively unknown but have grown into multi-billion conglomerates that have transformed the technology sector.
I think we are in the first inning of bitcoin and it’s got a long way to go
Jones gained fame for his prediction of the 1987 stock market crash in which he profited massively by shorting the market. Since then, he has gone on to become a leading hedge fund manager and a respected figure in the mainstream financial market. Bitcoin investors will, therefore, be quite pleased with Jones’ recent statements about the digital asset and his bullish outlook about Bitcoin’s future.
The billionaire investor first drew attention from the crypto community this year after his revelations that he had put about 2% of his wealth into Bitcoin. The May investment has now appreciated significantly with the Bitcoin price surging by almost 50% over the last four months. This spike in Bitcoin’s value is quite remarkable especially considering the rising inflation occasioned by the recent actions by multiple governments to print more money. Jones alluded to this issue during the interview saying:
Back in March and April, it became really apparent, given the monetary policy that was being pursued by the Fed, the incredible quantitative easing they were doing and other central banks were doing, that we were in an unprecedented time.
The hedge fund manager further added that he now recommends Bitcoin to his stakeholders and investors as a hedge against inflation just like Gold, and Silver.
I came to the conclusion that bitcoin was going to be the best of inflation trades, the defensive trades that you would take
This news will come as an addition to the growing list of good news to the crypto community. Just last week, PayPal announced plans to let its users buy, sell and hold cryptocurrencies like Bitcoin and Ethereum in their wallets. With the payment platform having over 300 million users, it could potentially serve as a major bridge ushering more new users into the space.
Image courtesy of pxhere
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