Billionaire Paul Tudor Jones expects bitcoin’s price to be “much higher” than today

Confirming that he still owns bitcoin, the hedge fund manager revealed that he has “still“a small allocation of bitcoins in his wallet.

Noted hedge fund manager Paul Tudor Jones still owns bitcoins.

Billionaire investor and hedge fund manager Paul Tudor Jones spoke about bitcoin and the U.S. economy in an interview with U.S. broadcaster CNBC on Monday. Jones is the founder of asset management firm Tudor Investment Corp. According to Forbes, his current net worth is $7.5 billion.

Responding to a question about bitcoin, its use as an inflation hedge, and whether he still owns it, Paul Tudor Jones said:

I’ve always had a small allowance for it. [bitcoin] … In an era of too much money, too much fiscal spending, something like crypto, specifically bitcoin and ethereum, will have value at some point.

We’re going to have to make a tax expenditure cut“, he added.

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The billionaire was asked if the cryptos he mentioned will be “at a much higher value than where we are today” Jones replied, “Oh yes, I think so“.

Jones has been pro-bitcoin for some time. In May, he stated, “It’s hard not to want to be long crypto“. He has previously stated that he prefers crypto to gold as a hedge against inflation. He also got his friend Stan Druckenmiller into bitcoin. However, the billionaire chairman and CEO of Duquesne Family Office LLC recently stated that he no longer holds crypto-currencies. Nevertheless, Stan Druckenmiller stated that he “could see crypto-currencies playing a significant role in a renaissance because people just aren’t going to trust central banks.

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Paul Tudor Jones on the U.S. economy and the recession

Paul Tudor Jones also shared his views on the US economy. Responding to a question about whether we are in a recession, he said:

I don’t know if it started now or if it started two months ago. We’re still figuring it out and we’re still surprised when the recession officially starts, but I guess we’re going into one.

The billionaire added: “Most recessions last about 300 days from the time they start. The stock market is down, say, 10%. The first thing that will happen is that short rates will stop rising and start falling before the stock market bottoms out.

Jones added:

Inflation is kind of like toothpaste. Once you take it out of the tube, it’s hard to put it back in. The Fed is furiously trying to get that taste out of its mouth. … If we go into a recession, that has really negative consequences for a whole range of assets.

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