Great Speculation” says Paul Tudor Jones about Bitcoin
Ovr a decade ago, no one wanted to invest in Bitcoin because it had no value, and critics were all over the place predicting its doom. Interestingly, 10 years after, despite the highs and lows of Bitcoin, the digital currency’s value has continued to soar, and has become one of the most valuable cryptocurrencies at the top of the list.
It is interesting when billionaire investors come out to say a thing or two about Bitcoin and other cryptocurrency, because it is an indication that people these digital currencies are getting attention, which could speed up the rate of mass adoption of the crypto use. In a recent development, popular billionaire investor Paul Tudor Jones had a thing or two to say about Bitcoin, and thus made a complete case for the cryptocurrency.
According to www.coindesk.com, Paul Tudor Jones made an entrance into the Bitcoin community and announced that he has about 1 or 2% of his assets invested in the cryptocurrency. Paul has a lot of faith in Bitcoin, and this we know from the comments he has made about the digital currency. According to him, Wall Street may just about to witness something historic with Bitcoin becoming an unrivalled store of value. He sees Bitcoin as an asset that will move beyond just being used for things like crypto currency online poker and casinos. He further added that Bitcoin’s operation is a great speculation with the potential to become something more in the near future.
Paul Tudor Jones is a hedge fund manager who has garnered several years experience in the industry, and thus he has some knowledge about funding. In defense of the statement he made about having more than 1% asset in bitcoin, he is of the opinion that bitcoin has more prospect than the US dollar, considering that the value of the U.S. dollar diminishes after a while, especially when the government is not able to generate as much they spend. He has maintained that his approach to Bitcoin is conservative, and believes that Bitcoin which is a minute part of his portfolio has the ability to perform better than the rest of his hedge investment portfolio.
Last week, the billionaire investor made a move with his investor letter that indicated he had plans to purchase bitcoin futures with his Tudor BVI fund, and he also mentioned that Bitcoin had the potential at being the fastest horse in the investor market. Furthermore, he added that with the world wanting assets that are both successful and safe, Bitcoin could be that one asset with the ability to shift in asset investment, considering the fact that the underlying blockchain technology guarantees the safety and security of the asset.
A lot has been said about Bitcoin as a store of value, and while some investors have criticized its possibility, some investors like Jones believe that the birth of a store of value with Bitcoin may just be around the corner, and in due time we would know whether Bitcoin’s success would be possible or not. One thing is certain, cryptocurrency does not look like it is leaving anytime soon.