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.
Paul Tudor Jones makes compelling case for Bitcoin
Wall St. legend Paul Tudor Jones has made a compelling case for owning Bitcoin as a hedge against central bank money printing. “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.” Jones, widely lauded as one of the greatest hedge fu...
“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.
The Bitcoin halving price rally: Here's what happened in 2016
Bitcoin is scheduled to complete its third halving event later today, which will see the rewards miners receive for verifying transactions slashed by 50%. 8 hours left until #BitcoinHalving ▓▓▓▓▓▓▓▓▓▓▓▓▓░ 99% — Bitcoin Halving Countdown (@Bitcoin_Halving) May 11, 2020 Every four years, or more specifically, after every 210,000 blocks are mined, the Bitcoin network halves its block reward. When the Bitcoin network first launched, the block reward was set to 50 BTC. This meant that any miner or...
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.
