Key Takeaways:
- Paul Tudor Jones says he wants to have at least 5% of his portfolio in Bitcoin
- The hedge fund manager thinks the next 20 years could define cryptos as the market of the future
Paul Tudor Jones Says He “Invests in Certainty” by Owning Bitcoin
A trading legend and a hedge fund manager, Paul Tudor Jones recently had the chance to share his views on the looming cryptocurrency market. Speaking to CNBC, Mr. Jones praised Bitcoin and said he wants to have 5% of his portfolio allocated to the digital asset.
“I like the idea of investing in something that is reliable, consistent, honest, and a hundred percent certain. Bitcoin has appealed to me because it’s a way for me to invest in certainty,” Paul Tudor Jones said in the Squawk Box interview. “Bitcoin is math, and math has been around for thousands of years,” he commented as he made the case for Bitcoin as an investable asset.
The billionaire trader said he considers Bitcoin a “portfolio diversifier”. He went on to mention that in the current market environment he wants to have “5% in gold, 5% in BTC, 5% in cash, and 5% in commodities.”
The Wall Street Trader Has Long Been a Bitcoin Enthusiast
Paul Tudor Jones has been invested in Bitcoin for months and has previously mentioned that Bitcoin and the entire cryptocurrency market is similar to internet stocks in 1999. In his view, the next 20 years could be the time in which the crypto space grows into the market of the future.
The hedge fund legend became famous for selling short US stock indexes before the stock market crash on October 19, 1987. In fact, the market meltdown, known as the “Black Monday”, erased 23% of the value of the Dow Jones Industrial Average in a single day. Nowadays, Mr. Jones is at the helm of his hedge fund Tudor Investment Corporation, managing over $44bn of assets.
Paul Tudor Jones is not the only one to represent the hedge fund industry in the crypto space. Thus, other big names in the fund management sector include Stanley Druckenmiller, who considers Bitcoin will remain number one among cryptos, and Ray Dalio, who thinks Bitcoin’s success is its greatest risk.