The popular American hedge fund manager, Paul Tudor Jones II, said that he is buying Bitcoin amid the growing trend amongst world central banks to print excessive amounts of money.
He added that the hedge fund he founded in 1980, Tudor Investment Corporation (Tudor BVI), could start allocating portions of its assets in Bitcoin futures.
Paul Tudor Jones Buys Bitcoin To Fight Inflation
Jones is a prominent traditional investor who founded the Tudor BVI hedge fund 40 years ago. He is also a well-known philanthropist who established the Robin Hood Foundation – an organization primarily focused on poverty reduction.
Citing his words from a market outlook called “The Great Monetary Inflation,” a recent Bloomberg report indicated that Jones believes inflation rates will soon increase. He based his views on the fact that the Federal Reserve, and numerous other world central banks, are printing lots of fiat currency in a short period of time. To fight the potential consequences, he is buying Bitcoin.
“The best profit-maximizing strategy is to own the faster horse. If I am forced to forecast, my bet is it will be Bitcoin.”
The report also outlined that the hedge fund manager is telling clients that Bitcoin now is reminding him of the role gold played in the 1970s. In 1971, gold traded at about $35 after being completely severed from the dollar. By the end of that decade, the price of the precious metal reached $850. This represents a 2,300% gain in less than ten years.
As a confirmation for his plans to purchase the primary cryptocurrency, Jones noted that his Tudor BVI fund could hold “as much as a low single-digit percentage of its assets in Bitcoin futures.”
Rising Inflation And Buying Bitcoin
Jones joined the likes of the well-known economist Peter Schiff in predicting high inflation rates. In a recent podcast, the famous gold bug went even further, by warning that the US may find itself in a state of hyperinflation soon. He argued that the measures taken by the US government to fight the COVID-19 pandemic are inefficient and may ruin the nation’s economy.
Additionally, Jones is also not the only one buying the primary cryptocurrency in this time of economic uncertainty. American businessman and author, Robert Kiyosaki, arguably best known for the book Rich Dad Poor Dad, said that people should avert from cash now and instead, focus on accumulating more gold (God’s money) and Bitcoin (people’s money).
Featured image courtesy of Bloomberg
The post Adoption: The Reason Why Hedge Fund Manager Paul Tudor Jones Has Started Buying Bitcoin appeared first on CryptoPotato.