Bitcoin: Which billionaire bets on this and why

Bitcoin: Which billionaire bets on this and why

By Aristos | cryptobot | 9 May 2020


Billionaire investor Paul Tudor Jones was a proponent of gold in 2019. He now says that bitcoin, the controversial digital currency, reminds him of gold in the 1970s and may be the best means of compensating for inflation in his day. mockery.

The famous hedge-fund investor, in a recent research note, cited the unprecedented measures of money printing and stimulating the economy by the Federal Reserve and the US government in the midst of the Covid-19 pandemic as key reasons behind his fresh interest in the most famous cryptocurrency in the world.

 

"The best profit maximization strategy is to own the fastest horse," Jones said in a note on market prospects. 

Jones says his investment is reminiscent of gold in the 1970s.

 

Last year, Jones said the mix of a dovish Fed and increased geopolitical tensions created a favorable atmosphere for buying gold and stocks, which proved to be a winning strategy. In an interview with Bloomberg last June, Jones said that if gold "reaches 1,400, then it will fly fast enough to 1,700", commenting on the prospect of a sharp rise in the price of the precious metal.

The price of the gold contract, delivered in June, closed on Thursday at $ 1,725.80 per ounce, having gained 13.4% so far in 2020 and 34.4% in the last 12 months.

Jones will focus on placing bets in favor of bitcoin in the CME Group's futures market, where the June delivery bitcoin contract reached a high of $ 10,155, according to FactSet. Bitcoin futures on the basis of the most active contract have strengthened by almost 38% since the beginning of the year to date and almost 70% in the last 12 months, significantly outperforming gold.

 

 

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