Hard to Not be Long on Bitcoin and Crypto: Veteran Trader

Paigambar Mohan Raj
Source: Bitcoin News

In a recent interview with CNBC’s Squawk Box, Paul Tudor Jones has revealed his bullish outlook on Bitcoin (BTC) and crypto. He stated that,

“It’s hard to not want to be long on crypto because of the intellectual capital that’s going into that space.”

The billionaire investor also stated that the asset class’s value proposition as a borderless form of money is one of the reasons he has a holding in it.

Jones also stated that when it comes to crypto and Web3, he sees a “generational divide” between older people and the new-age digital natives, implying that those who are more tech-savvy are more likely to succeed in the crypto realm.

Jones says that the current situation is the worst macro environment for financial assets such as bonds and stocks.

He stated,

“It’s going to be a very, very negative situation for either one of those asset classes.”

The veteran trader believes that government and central bank hostility to crypto and Bitcoin is “the number one factor holding it back,” saying that centralized authorities are likely opposed to digital assets because they allow for the borderless exchange of value, undermining the authority of state-controlled money.

Tudor’s use of Bitcoin as a hedge against inflation

In an interview in October of 2021, Jones stated that Bitcoin is his preferred choice of inflation hedge over gold. Jones noted in the same interview that while the new Bitcoin futures exchange-traded fund (ETF) is a regulated and reputable product, he believes that owning Bitcoin is a better investment.

Tudor had said,

“I do think we’re moving into an increasingly digitized world. Clearly, there’s a place for crypto, and clearly, it’s winning the race against gold at the moment. So yes, I would think that would also be a very good inflation hedge. It would be my preferred one over gold at the moment.”

With inflation hitting the highest numbers, it could be a good time to listen to Jones’ advice.

Jones has previously stated that he owns Bitcoin, but he is most recognized for his work in the traditional financial markets. He is most known for correctly predicting the 1987 Black Monday stock market catastrophe, and his accurate market predictions have earned him a net worth of $7 billion.

At press time, Bitcoin (BTC) was trading at $38,991.92.