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Wall Street legend and billionaire T. Jones on Bitcoin: ‘I’m gonna always stick with it’

Wall Street legend and billionaire T. Jones on Bitcoin: 'I'm gonna always stick with it’

While the cryptocurrency industry has become a hot issue among regulators, American billionaire and hedge fund manager Paul Tudor Jones has said that he was going to hold on to the Bitcoin (BTC) he had purchased earlier because of the features that make it stand out from all the other assets in his portfolio.

Indeed, Jones praised the finite supply of Bitcoin as its pivotal characteristic that made him decide to hold on to it for longer than any other asset, as the hedge fund billionaire explained in an interview at CNBC’s Squawk Box published on May 15.

“I’ve never sat on a horse that long. (…) From the beginning, I always said I wanted to have a small allocation to it because it’s a great tale of it, it’s the only thing that humans can’t adjust the supply in, so I’m sticking with it. I’m gonna always stick with it. It’s just a small diversification in my portfolio.”

Notably, back in October 2022, Jones had expressed his belief that crypto assets would have a much higher value at some point in the future, especially at a time when there is too much money, thanks to their scarcity, and that this value would be far more than it was at the time.

Asked by the host whether he would buy more Bitcoin, Jones said that cryptocurrencies have “done so well recently because of the fact that we have had these great risk premiums,” but he did wonder “whether they may not be boring in the future.”

Bitcoin’s problem

As for Bitcoin in particular, he believes that it “has a real problem because in the United States, you have the entire regulatory apparatus against it, so it’s just kinda yesterday’s news, and if inflation’s truly done a bit, if that story’s been played, then you have to wonder.” In his words:

“We were buying gold and Bitcoin for the inflation hedges – that game may be over. Six months ago, before AI, before the possible productivity boost that will go with it, I would’ve said a completely different story with regard to the inflationary future and with regard to all the inflation hedges.”

Meanwhile, Bitcoin was at press time trading at the price of $27,204, down 0.72% in the last 24 hours, as well as 1.40% across the previous seven days, adding up to the losses of 10.43% on its monthly chart, according to the latest information retrieved by Finbold on May 16.

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