Benzinga - Renowned hedge fund mogul Paul Tudor Jones asserted his unwavering commitment to Bitcoin (CRYPTO: BTC), likening his long-term investment in the cryptocurrency to a relentless horse ride.
In an interview on CNBC's "Squawk Box," the founder of Tudor Investment and the Robinhood Foundation disclosed he has been a steadfast Bitcoin investor since 2020, viewing it as a safeguard against inflation.
In his early investment days, he saw a parallel between Bitcoin and the gold investment rush of the '70s.
Jones highlighted the uniqueness of Bitcoin, stating, "I've always advocated for a minor portion of one's portfolio to be allocated to it. Its supply is the only thing that can't be manipulated by human intervention."
He affirmed his loyalty to Bitcoin, maintaining it as a consistent, albeit small, diversification asset in his portfolio.
Despite the notorious volatility of Bitcoin, which saw its value peak at over $68,000 in 2021 before plummeting to $15,000 the subsequent year, Jones remains undeterred.
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The current trading price of Bitcoin hovers around $27,430, as per CoinGecko data.
Jones offered insights into the recent stellar performance of Bitcoin and gold, attributing it to impressive risk premiums.
He also hinted at a possible downturn, remarking, "Should the inflation narrative start to lose steam, it begs the question: are the days of buying gold and Bitcoin as inflation hedges coming to an end?"
In the past, Jones likened Bitcoin investment to backing a budding tech company, emphasizing the potential for substantial returns.
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Photo: Shutterstock: Jones, National Archives at College Park, Still Pictures, Public domain via Wikimedia Commons
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