News

Paul Tudor Jones, multi-billionaire and hedge fund veteran says that <a href="https://{MIGRATED_DOMAIN}/news/bloomberg-report-says-100000-bitcoin-this-year/">Bitcoin</a> is winning the race against gold as far as adoption and being a hedge against inflation.
In a new interview with CNBC's Squawk Box, Jones reveals that in his opinion, crypto is currently the best method of hedging against inflation, and a logical long-term play as the world becomes more digital.
"Crypto has been a great hedge... I said this and now I've got crypto in single digits in my portfolio. I have a small trending position in our fund. I do think we're moving into an increasingly digitized world. Clearly there's a place for crypto and clearly it's winning the race against gold at the moment. So yes, I would think that would also be a very good inflation hedge, it would be my preferred one over gold at the moment."
<figure class="image"><figcaption><img class="wp-image-26753 size-large" src="https://img.coinbureau.dev/strapi/2021/10/shutterstock_1654274959-1024x683.jpg" alt="" width="1024" height="683" /> Image via Shutterstock</figcaption></figure>
Speaking on the new ProShares Bitcoin futures exchange-traded fund (ETF), the investor admits he thinks a better way to access the market is "to actually own physical Bitcoin" and learn how to buy and custody it yourself. With that said, he thinks the ETF "is fine," adding that investors should be comforted by the fact that it's approved by the SEC.
The new ETF, ticker symbol BITO, debuted with huge amounts of volume, becoming the <a href="https://{MIGRATED_DOMAIN}/news/new-bitcoin-futures-etf-becomes-second-most-traded-fund-of-all-time/">second most traded</a> ETF for an opening day, coming second only to BlackRock's Carbon Transition Readiness fund (LCTU). BITO <a href="https://www.nasdaq.com/articles/bito-bitcoin-etf-becomes-fastest-etf-ever-to-hit-%241-billion-aum-2021-10-20" target="_blank" rel="noopener">reached</a> $1.1 billion in assets under management in less than two days, the fasted ETF to ever do so. This shattered the previous record held by the SPDR Gold Shares (GLD) ETF which brought in $1 billion after three days in 2004.
Jones, who has been publicly <a href="https://www.nasdaq.com/articles/investor-paul-tudor-jones-highlights-bitcoins-strengths-as-an-asset-2021-06-14" target="_blank" rel="noopener">bullish</a> on Bitcoin throughout the year, says that accepting crypto as a permanent part of society as opposed to banning it like China might be a way that the US can hold on to economic superiority.
"I think crypto is here to stay. Look, this is the United States of America right? The reason we're the most dominant economic power the world is because we unleash our individual entrepreneurialism and creativity and you're seeing China do the exact opposite. That place is on – economically – a slow boat to the South Pole. As long as the US can continue to unchain our entrepreneurs we're going to always be in the dominant position."
https://www.youtube.com/watch?app=desktop&amp;v=ZQCGLUVVSd4