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Why is Billionaire Paul Tudor Jones Betting on Bitcoin?

Mohit Oberoi
Author: Mohit Oberoi

Last Updated: May 21, 2020

Billionaire fund manager Paul Tudor Jones (pictured) has put his weight behind Bitcoin, calling it “a great speculation” and advising clients that it is a hedge against inflation.

Jones revealed that he has almost 2% of his assets in Bitcoins, in an interview earlier this month.  He said: “It’s a great speculation,” adding “every day that goes by that bitcoin survives, the trust in it will go up.”

Jones said: “When I think of Bitcoin, look at it as one tiny part of a portfolio. It may end up being the best performer of all of them, I kind of think it might be.”

He added: “But I’m very conservative. I’m going to keep a tiny percent of my assets in it and that’s it. It has not stood the test of time, for instance, the way gold has.”

In an earlier May note to clients, Jones said he was buying bitcoin futures to hedge against central bank-inspired inflation. He wrote: “At the end of the day, the best profit-maximizing strategy is to own the fastest horse. If I am forced to forecast, my bet is it will be Bitcoin. So, we need to adapt our investment strategy.”

Jones has been quite pessimistic on the equity markets amid the coronavirus pandemic. Last month, he said that US stock markets would fall to their March lows. He also believes that if the pandemic is not contained in a year’s time, it would lead to depression.

Born in 1954, Jones completed a degree in economics from the University of Virginia in 1976. He started his career trading cotton futures. In 1980, he founded Tudor Investment Management.

Tudor Investment Management has over $38bn in assets, according to the most recent filings,  with Jones’ personal wealth estimated to $5bn.

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Mohit Oberoi

Mohit Oberoi is a freelance finance writer based in India. he has completed his MBA with finance as majors and also holds a CFA charter. He has over 13 years of experience in financial markets. He has been writing extensively on global markets for the last six years and has written over 6,500 articles. He mainly covers metals, electric vehicles, asset managers, and other macroeconomic news. He also loves writing on personal finance and topics related to valuation.