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BTC is an asset that appears to be attracting a lot of attention to a specific class of investors. The millennials, mostly, are recognizing the pioneer cryptocurrency as an alternative safe-haven asset.
Billionaire hedge fund manager Paul Tudor Jones II has become more bullish on Bitcoin, lauding it as the best inflation hedge since sliced bread.
During Thursday CNBC “Squawk Box” interview Jones said:
“I like bitcoin even more now than I did then. I think we are in the first inning of bitcoin, and it’s got a long way to go.”
He continued to add that he holds a “small single-digit investment” since May when he first revealed his bitcoin investment. The trader’s views regarding the Federal Reserve’s recent unprecedented quantitative easing might cause inflation to return on a big scale. In that perspective, Jones said:
“The reason I recommended bitcoin is because it was one of the menu of inflation trades, like gold, like TIPS breakevens, like copper, like being long yield curve and I came to the conclusion that bitcoin was going to be the best inflation trade.”
Recent Developments Push the Popular Crypto Further High
During the March crash, at the time when the coronavirus pandemic was becoming a pain in the neck, BTC traded as low as $3.7K. However, it quickly bounced from the dip in minimal time, and since then, it has now rebounded fully. On Thursday, the digital coin reached its highest level since January 2018, just after the 2017 wild boom, supposing the $12,900 mark.
PayPal move into cryptos comes, permitting users to buy, hold and sell cryptocurrencies is the likely cause of the current price rally as many suggest. PayPal Holdings Inc users will be able to purchase Bitcoin (BTC) and other cryptos such as Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
Endorsement of the digital currency of the Federal Reserve Chairman Jerome Powell, saying the central bank might have a digital version of the U.S. dollar, is another contribution of the current price surge being witnessed.
‘Smart and Sophisticated People Invest in Bitcoin’, Says Jones
The Tudor Investment Corporation founder and chief investment officer equated making investments in bitcoin to investing in humongous tech companies such as Google and Apple. He stated that numerous smart and sophisticated people are in the Bitcoin community since they believe and invest in it, just like the people who invested early in Google, Steve Jobs and Apple.
Jones, the Legendary hedge fund manager, rose to fame after predicting the market crash of “Black Monday” (October 19, 1987) – a time when the Dow Jones fell by over 22%. Following the “crash of ’87, Jones was able to benefit from the stock-market crash by starting a portfolio insurance firm. He also chairs a nonprofit organization that uses social and environmental metrics to rank public U.S. companies.
BTC is another asset that appears to be attracting a lot of attention to a specific class of investors. The millennials, mostly, are recognizing the pioneer cryptocurrency as an alternative safe-haven asset.