Wall Street legend Paul Tudor Jones, founder of Tudor Investment Corp., has between 1-2% of his assets in Bitcoin, according to an interview with CNBC.
“It’s a great speculation. I’ve just got something ... just over one percent of my assets in Bitcoin. Maybe it’s almost two. That seems like the right number right now,” Jones said, adding, “Every day that goes by that Bitcoin survives, the trust in it will go up.”
Last Thursday, Jones sent a letter to shareholders making the case that Bitcoin is a hedge against rampant inflation in the US—particularly due to the amount of money that has been printed in response to the coronavirus pandemic.
“I am not a hard-money nor a crypto nut,” said the founder of hedge fund Tudor Investment Corp in his May communication to investors, published on Thursday. But, he added, “At the end of the day, the best profit-maximizing strategy is to own the fastest horse… If I am forced to forecast, my bet is it will be Bitcoin.”
He made his case for why institutional investors would be wise to consider Bitcoin. “I am not an advocate of Bitcoin ownership in isolation, but do recognize its potential in a period when we have the most unorthodox economic policies in modern history,” he said, in the letter.
Since Jones sent his letter, the price of Bitcoin has fallen 10%. But today is the day of the Bitcoin halving and, if the last halving is anything to go by, anything might happen.