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Paul Tudor Jones: Crypto Has a 'Bright Future'
On Tuesday, billionaire investor Paul Tudor Jones spoke with CNBC about macroeconomic conditions in the U.S. and the Fed’s challenges ahead.
“You can’t think of a worse environment than where we are right now for financial assets. Clearly, you don’t want to own bonds and stocks,” Jones said.
He also spoke about the potential he sees for crypto’s future.
“It’s hard to not want to be long [on] crypto because of the intellectual capital, just the sheer amount that’s going into that space. It’s a borderless internet where all of a sudden you have blockchain as the verification code to allow anyone on the internet to instantly connect, and then that opens up huge possibilities,” Jones said. “Clearly central banks and central governments are not going to necessarily be huge fans of that, particularly when it comes to using crypto as a means of exchange.“
He also elaborated on his current crypto holdings and his strategy going forward.
“I’ve got my modest allocation to crypto. I have a trading position on top of that goes from fully invested to zero. Right now I’m modestly invested and I would think that it’s going to have a bright future as we roll through these rate hikes. A lot of it depends on what our central bank does, and how serious we are about fighting inflation.“
In an interview from October 2021, Jones voiced a similar bullishness for crypto. “Clearly, [bitcoin is] winning the race against gold at the moment.” He went on to say that he would prefer to own bitcoin itself, as opposed to derivatives products such as a bitcoin futures ETF.
Even more impetus for the SEC to approve a spot bitcoin ETF.
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