Billionaire Paul Tudor Jones Expects Bitcoin Price to Be ‘Much Higher’ Than Today

Billionaire Paul Tudor Jones Expects Bitcoin Price to Be "Much Higher" Than Today

Billionaire hedge fund manager Paul Tudor Jones says cryptocurrencies, specifically bitcoin and ethereum, will be “at a value much higher than where we are today.” Confirming that he still owns bitcoin, the famed hedge fund manager revealed that he “always” has a small allocation of bitcoin in his portfolio. Famed Hedge Fund Manager Paul Tudor Jones Still Owns Bitcoin

Billionaire investor and renowned hedge fund manager Paul Tudor Jones talked about bitcoin and the U.S. economy in an interview with CNBC Monday. Jones is the founder of asset management firm Tudor Investment Corp. According to Forbes, his current net worth is $7.5 billion.

Replying to a question about bitcoin, its use as a hedge against inflation, and whether he still has some BTC, Jones said: I’ve always had a small allocation to it [bitcoin] … In a time where there’s too much money, to much fiscal spending, something like crypto, specifically bitcoin and ethereum, that will have value at some point.

“We’re going to have to have fiscal retrenchment,” he further noted.

The billionaire was asked whether the crypto he mentioned will be “at a value much higher than where we are today” Jones replied: “Oh yeah I think so.”

Jones has been pro-bitcoin for quite some time. In May, he said, “It’s hard not to want to be long crypto.” He previously said that he preferred crypto over gold as a hedge against inflation. He also got his friend Stan Druckenmiller into bitcoin. However, the billionaire chairman and CEO of Duquesne Family Office LLC recently said he no longer holds BTC. Nonetheless, Druckenmiller said he “could see cryptocurrency having a big role in a Renaissance because people just aren’t going to trust the central banks.” Paul Tudor Jones on the U.S. Economy and Recession

Jones also shared his view on the U.S. economy. Replying to a question about whether we are in a recession, he said: I don’t know whether it started now or it started two months ago. We always find out and we are always surprised at when recession officially starts, but I’m assuming we are going to go into one.

The billionaire added: “Most recessions last about 300 days from the commencement of it. The stock market is down, say, 10%. The first thing that will happen is short rates will stop going up and start going down before the stock market actually bottoms.”

Jones further opined: Inflation is a bit like toothpaste. Once you get it out of the tube, it’s hard to get it back in. The Fed is furiously trying to wash that taste out of their mouth. … If we go into recession, that has really negative consequences for a variety of assets. Tags in this story Paul Tudor Jones, paul tudor jones bitcoin, paul tudor jones btc, paul tudor jones crypto, paul tudor jones cryptocurrency, Paul Tudor Jones economy, Paul Tudor Jones eth, Paul Tudor Jones ether, Paul Tudor Jones ethereum, paul tudor jones inflation, Paul Tudor Jones recession

What do you think about the comments by Paul Tudor Jones? Let us know in the comments section below. Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. 30-Day NFT Sales Are 88% Lower Than They Were 8 Months Ago, Google Searches Nosedived MARKETS AND PRICES | 2 days ago New Study Says BTC Outperformed Both S&P 500 and Nasdaq in September MARKETS AND PRICES | 3 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFormer Fed Chair Ben Bernanke Wins Nobel Prize in Economics ‘for Research on Banks and Financial Crises’ Next articleArk Invest CEO Warns Rate Hikes Could Fuel a ‘Deflationary Bust’ in Open Letter to the Fed Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether