Legendary hedge fund manager Paul Tudor Jones said he’s still hanging on to his bitcoin and always will. The founder of Tudor Investment and New York City’s Robinhood Foundation told CNBC’s “Squawk Box” Monday that he’s “never sat on a horse that long.” Jones began buying the cryptocurrency in 2020 as a hedge against inflation. At the time, he compared it to the gold trade back in the 1970s. “From the beginning, I’ve always said I want to have a small allocation to it because it’s the only thing humans can’t adjust the supply in,” he said. “So I’m sticking with it, and I’m going to always stick with it as a small diversification in my portfolio.” Bitcoin has a fixed supply cap of 21 million coins, as designed and mandated by the Bitcoin code. That’s one of the main selling points for investors, who hope that as more people buy more of it, it will become more scarce and its value will increase further. Bitcoin reached an all-time high of more than $68,000 in 2021 and crashed down to the $15,000 level the following year. It’s currently trading at about $27,000, according to Coin Metrics. “They’ve done so well recently because of the fact that we have had these great risk premiums,” Jones said about bitcoin and gold. “I wonder whether they may not be boring in the future.” “If inflation is truly done a bit, if that story’s been played, then you have to wonder: we were buying gold and bitcoin for the inflation hedges – that game may be over,” he added. Jones has also previously said on CNBC that buying bitcoin is like investing in an early tech company .
This story originally appeared on CNBC
