Tuesday, November 29, 2022

Is Paul Tudor Jones Still Bullish on Bitcoin? This Position Says Otherwise

Veteran hedge fund manager Paul Tudor Jones appears to have changed his perception of the world’s leading cryptocurrency, Bitcoin. 

In a Monday interview with CNBC, Jones spoke extensively on topics bordering on inflation, the Fed, and crypto in general. He also mentioned that he now holds only a small percentage of his assets in Bitcoin. This shows that the hedge fund manager is a very far cry from where he stood on the asset about two years ago.

In mid-2020, Jones was extremely bullish on Bitcoin, allocating between 1 to 2% of his multi-million dollar portfolio to the asset. At a point, he was even going to commit up to 5% if the Fed continued on its path of devaluing the dollar. Those remarks at the time, especially coming from a revered individual like Paul Jones, saw crypto prices heading for the moon.

However, after confirming that he still holds Bitcoin, his comments today, have yet to have any tangible impact on crypto prices. As of publication, Bitcoin continues hovering around the $19,000 region, reflecting common inactivity across the cryptocurrency space.

Paul Tudor Jones Weighs In on Inflation

Speaking about inflation, the veteran has likened the present situation to that of toothpaste. Jones says, just like it is difficult to get the toothpaste back in the tube after it is out, it’s also difficult to contain inflation. He cautioned that even as the Fed continue to tighten monetary policies, a recession might still be an eventual reality.  And in his opinion, a recession might spell doom for crypto in general. 

Meanwhile, Jones maintains that he is still a believer in the value of Bitcoin. However, his belief in the asset might be shaky at the moment. For now, Jones says fiat might be a safer place to be. According to him, the worst is yet to happen, especially considering that the Fed’s resolve is to bring inflation back to the 2% mark.

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