The recent improvement in the value of Bitcoin (BTC) in the market has revived the usual comments about a bull run in cryptocurrency. With supporters of the active out to share their thoughts, Paul Tudor Jones did not want to miss the opportunity. The billionaire who manages a hedge fund explained that bitcoin will eventually become the best hedge against inflation. He will go on to say that the potential of cryptocurrency could be compared to those of Google and Apple in their early days and that we should therefore take advantage of it today. More detail below.
Betting on bitcoin to beat inflation
Mr. Jones gave his thoughts on bitcoin news during his last visit to CNBC sure Squawk Box. He said he was confident about the outcome of the ongoing rally that will allow cryptocurrency to reach new heights. ” I love Bitcoin even more now than I did back then. I think we are in the first round of bitcoin, and there is still a long way to go »He declared. The reason for this long-standing love lies in the unprecedented quantitative easing policy pursued by the US Federal Reserve.
According to the fund manager, this is a preparatory phase before the onset of inflation. ” The reason I recommended bitcoin is because it is part of the inflation trading menu, like gold, like TIPS breakevens, like copper, like the long yield curve, and j ‘came to the conclusion that bitcoin was going to be the best deal on inflation ” said Mr. Jones. As a reminder, the person concerned had made an investment of 1 to 2% in bitcoin betting that the asset would experience a bullish cycle.
Seize a deal similar to Apple and Google
To convince his audience, Mr. Jones notably compared the fact of investing money in Bitcoin to that of investing in the biggest technology companies like Apple and Google. ” Bitcoin has this huge contingency of really, really smart and sophisticated people who believe in it, it’s like investing with Steve Jobs and Apple or investing in Google at the start ” did he declare.
The parallel between bitcoin and tech giants has been raised often in the past for a variety of reasons. Marcel pechman -Analyst at Cointelegraph– had already compared the adoption curve of Apple to that of bitcoin for predict the evolution of the value of cryptocurrency. He had come to the conclusion that the asset’s price was similar to Apple’s stock in 2008 and that he could reach $ 60,000 by 2023.
This could sound like a second chance for those who regret not having believed in the potential of Google and Apple at the time. They are especially gaining more weight when we know that many of these companies are seriously considering investing in bitcoin to protect their capital.