Despite the fact that the cryptocurrency industry has become a hot topic for authorities, American billionaire, and hedge fund manager Paul Tudor Jones has stated that he plans to keep the Bitcoin (BTC) he previously purchased due to its unique characteristics.
Indeed, in an interview with CNBC’s Squawk Box broadcast on May 15, the hedge fund billionaire Jones lauded the limited supply of Bitcoin as the primary attribute that made him decide to hang on to it longer than any other asset.
“Never have I spent so much time astride a horse. (…) It’s got a fascinating backstory, and it’s the only item where the supply can’t be changed by people, therefore I’m keeping with my original plan of investing a tiny amount. I’m never going to change my mind. It’s a little adjustment to my investment strategy.”
Notably, Jones said in October 2022 that he thought crypto assets would be worth a lot more in the future, especially when there was too much money because they were hard to get. This was a lot more than they were worth at the time.
In response to a question from the host about whether he would buy more Bitcoin, Jones stated that cryptocurrencies have “done so well lately because of these great risk premiums,” but he questioned, “whether they won’t become boring in the future.”
To quote him: “Gold and Bitcoin were our inflation hedges, but that strategy may be futile now. If you had asked me this question six months ago, before the advent of AI and the potential productivity increase that would accompany it, I would have told you a very different tale about the inflationary future and about all the inflation hedges.”
At the time of writing on May 16, the latest data that could be collected from Finbold showed Bitcoin trading at $27,204, down 0.72% in the previous 24 hours and 1.40% for the last seven days, adding up to losses of 10.43% on its monthly chart.
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