Speaking this Wednesday, 67-year-old Billionaire, Paul Tudor Jones II revealed that he now prefers BTC over gold as an inflation hedge.
Paul added that BTC is championing the race against the gold asset.
Paul, who boasts of managing assets worth close to forty billion, stated that he is disturbed by the increasing inflation rate. According to the CEO, this inflation isn’t just threatening to the post coronavirus economy recovery but also the United States financial market in general.
It is important to note that BTC hit record highs once the first Exchange Traded Fund started trades on the NYSE. Additionally, gold lost more than eight percent over the last year, while BTC recorded about four hundred percent gains.
By now, BTC is considerably the most appreciated asset. This is because, since its first pricing, the currency has gone up by over 8.3 billion percent ever since.
Bitcoin seems to be taking the crown not only from gold but all assets in general.
Speaking to CNBC this year, Paul said that in his view, Bitcoin is an excellent method of diversifying his portfolio and also the protection of his riches over time. Fractionalizing his wealth, the billionaire revealed his intention to divide 20% equally into gold, Bitcoin, money, and commodities. As for the remaining 80%, he revealed that he is waiting for the Feds to make a move before he decides.
The Bitcoin and Gold debate
Crypto enthusiasts commonly refer to Bitcoin as “the digital/new gold.” Recently, there has been an online debate as to whether Bitcoin is more valuable than gold.
In a past debate, Michael Saylor, MicroStrategy CEO, and Frank Giustra, CEO of Fiore Group of Companies, gave their opinions on the two assets.
According to Michael, Bitcoin has gold features, excluding its flaws. Additionally, the Microstrategy CEO feels that gold doesn’t make a great monetary asset. The reason is because, other than producing counterfeit, one can inflate and confiscate it.
Defending Gold, Giustra stated that gold had stood the test of time while this Cryptocurrency has not.
Although this debate is bound to go on for a long while, there is no doubt that the Crypto market is growing fast.
About Paul Tudor Jones Hedge Fund
Paul Tudor Jones, 67, is an American billionaire, philanthropist, and Chief executive officer of Tudor Investment Corporation.
He launched the TIC company in 1980 with its headquarters in Stamford, Connecticut. The company also has offices in New York, Palm Beach, London, Singapore, and Sydney.
The firm’s investment strategies include;
- Global macro trading
- Fundamental equity investing in the United States and Europe
- Emerging markets
- Venture capital
- Commodities
- Event-driven strategies
- Technical trading systems.
TIC is famous for its rich history in discretionary macro trading. Additionally, its capabilities in the modern-driven and systematic approaches in investments make it stand out. Currently, the firm manages about 21 billion US dollars.
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