REUTERS/Eduardo Munoz
Billionaire investor Paul Tudor Jones is buying bitcoin, Bloomberg reported Thursday.
The hedge fund manager said his fund may hold as much as a low single-digit percentage of its assets in bitcoin futures to help protect against a rise in inflation, according to the report.
Paul Tudor Jones is the founder and CEO of Tudor Investment Corp., which managed $38.4 billion as of March 30, according to data from the SEC.
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Billionaire hedge fund manager Paul Tudor Jones is buying bitcoin, Bloomberg reported on Thursday.
Jones told his clients in a market outlook note that he believes bitcoin will serve as a hedge against a jump in inflation he thinks is coming, due to central banks printing money and sharply expanding their balance sheets amid the coronavirus pandemic.
Read more: GOLDMAN SACHS: Traders are reaping unusually large profits from earnings-related stock trades. Here are 15 picks for the remainder of the season.
Jones said bitcoin “reminds him of the role gold played in the 1970s,” according to the report.
“The best profit-maximizing strategy is to own the fastest horse. If I am forced to forecast, my bet is it will be Bitcoin,” Jones said in the client note.
One of Jones’ funds, Tudor BVI, may hold as much as a low single-digit percentage of its assets in bitcoin futures.
Jones is the founder and CEO of Tudor Investment Corp., a hedge fund that managed $38.4 billion as of March 30, according to data from the Securities and Exchange Commission.
Bitcoin traded up as much as 6.5% on Thursday to $9,911.
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