Longtime hedge fund manager Paul Tudor Jones told CNBC on Monday that Wall Street could be witnessing the historic “birthing of a store of value” through popular cryptocurrency bitcoin.
“It’s a great speculation” Jones said on “Squawk Box.”
He said he has “just over 1% of my assets in bitcoin. Maybe it’s almost 2. That seems like the right number right now.”
“Every day that goes by that bitcoin survives, the trust in it will go up” he added.
Jones, founder and chief executive at Tudor Investment and largely considered one of the best macroeconomic traders ever, told investors in a recent letter that he’s betting on bitcoin as part of a far-larger strategy of maximizing profits.
For investors who have followed Jones’ success in predicting the path of economic events, including his prescient bets against the U.S. stock market in 1987, his foray into cryptocurrency may seem unusual. But Jones defended his new investment, especially versus other stores of value like U.S. dollars.
Video Courtesy of CNBC
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