Billionaire hedge fund manager Paul Tudor Jones says that bitcoin is currently “winning the race against gold.” He added that the cryptocurrency is his preferred inflation hedge over gold.

Paul Tudor Jones Chooses Bitcoin Over Gold

In an interview with CNBC Wednesday, Tudor Investment Corp. founder Paul Tudor Jones spoke about bitcoin as his preferred hedge against inflation. He stated:

Clearly, there’s a place for crypto. It’s clearly winning the race against Gold at the moment… I would choose crypto over gold at this time.

“I have crypto in single numbers in my portfolio,” he said. “I believe we are moving towards a more digitalized world .”

Jones expressed concern about rising inflation and noted that it poses a serious threat to the U.S. financial market and the recovering Covid-hit economies.

The price of bitcoin surpassed all time highs Wednesday, after the first U.S. bitcoin futures exchange-traded funds (ETFs) began trading on the NYSE. Gold lost 8% over the past 12 months while bitcoin gained 437%.

A billionaire investor was asked about investing in a bitcoin ETF to gain exposure to the cryptocurrency. Jones admitted that he wasn’t “a real expert” on ETFs and said:

I believe that the best way to get in is to actually own bitcoin and to take the time learning how to do it. The ETF would work just fine. It should be a great comfort to know that it has been approved by the SEC.

He also was asked if approval of ETFs means that regulators believe crypto is here to stay. Jones replied:

I believe crypto is here to stay.

He explained that the U.S. is the “most prominent economic power in the globe” because it unleashes its individual entrepreneurism .”

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He said that China is doing the exact opposite. This place is economically slow to get to the south pole .”

A billionaire fund manager once said that bitcoin was like gold and a store of wealth. He began recommending BTC for portfolios early last year. In October 2020, he said that he saw massive upside in bitcoin and likened investing in the cryptocurrency to investing in early Apple or Google.

What do you think about Paul Tudor Jones’ comments about bitcoin and gold? Comment below.

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