Why This Legendary Macro Investor Just Called Bitcoin a Bet on Human Ingenuity
Paul Tudor Jones made headlines earlier this year when he stated in a letter to investors in his fund that Bitcoin is likely going to be the best hedge against inflation in the coming few years.
His belief in Bitcoin’s future at the time was unique, as he was one of the few mainstream macro investors to advocate for the cryptocurrency publicly.
In another interview with CNBC earlier today, Jones explained that he is more bullish now than he was before on the benchmark cryptocurrency. He is now going so far as to equivocate buying BTC to buying Apple or Google in their early days.
Another interesting point made by Jones during the recent interview is regarding the nature of typical hedge investments, which he calls bets on the fallacy of mankind.
On the flip side, he notes that Bitcoin is more of a bet on human ingenuity.
Paul Tudor Jones More Bullish on Bitcoin Than Ever Before
During a recent interview with CNBC, Paul Tudor Jones doubled down on his bullish Bitcoin sentiment, explaining that its performance in the face of economic turbulence and imminent inflation has been encouraging.
He specifically stated today that he is now more bullish on Bitcoin than when he first announced his interest in BTC back in May.
“I like bitcoin even more now than I did then. I think we are in the first inning of bitcoin and it’s got a long way to go,” he said, further adding that he still believes it is the best anti-inflation trade.
He even said that betting on Bitcoin now is equivalent to investing in tech companies like Apple or Google in their early days.
PTJ: BTC a Bet on Human Ingenuity
One of the most striking statements made by Jones is regarding the inherent nature of Bitcoin.
“I’ve never seen a store of value where you also have great intellectual capital behind it… When you short the bond market as an inflation hedge you’re really betting on the fallacy of mankind rather than its ingenuity.”
One pseudonymous crypto researcher called this statement “one of the most bullish statements ever made about BTC.”
As Jones continues being proven correct, there’s a decent chance that more mainstream macro investors will move to gain some BTC exposure.
Featured image from Unsplash.