Here’s why one of Wall Street’s most successful hedge fund managers, Paul Tudor Jones is buying Bitcoin

Here's why one of Wall Street’s most successful hedge fund managers, Paul Tudor Jones is buying Bitcoin

The American hedge fund manager Paul Tudor said his fund has a “low single-digit percentage…in Bitcoin futures,” and he is betting on this digital currency to overcome future monetary inflation as it reminds him of the role gold played during the 1970s where inflation caused great losses in the American economy.

 “The best profit-maximizing strategy is to own the fastest horse…If I am forced to forecast, my bet is it will be Bitcoin.”

Paul Tudor said that the crypto-currencies could serve as a hedge against the manipulation of Fiat by the Fed, which continues to inject large sums of cash into the American economy, as do many governments worldwide.

Fiat printing has been so rapid that even Paul, a reputable macro investor, finds it somewhat excessive, and sees it as an “unprecedented expansion of every form of money unlike anything the developed world has ever seen”. 

“It has happened globally with such speed that even a market veteran like myself was left speechless,”

On the other hand, Tudor did not consider himself a “crypto nut”, but still bets on BTC as “digital gold”, because the “digitization of currency”  as a global scenario could be implemented as a measure to overcome the economic crisis, driven by the COVID-19.

Binance CEO CZ jokes that the Bitcoin Futures are kept in USD.

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Bitcoin continues to gain demand

BTC is getting a boost as the halving approaches. This is an event that will occur in approximately 4 days, where miners’ rewards and profits will be reduced by 50%, from 12.5 BTC per block mined to 6.25.

Every day more Institutional and retail investors are entering the world of Bitcoin hoping to repeat what happened in 2017 —the post-halving year, where BTC made over 2000% profit— when Bitcoin had its best moment ever. 

BTCUSD Chart By TradingView

The news that investors such as Tudor are betting on BTC, influenced its rapid rise today, it is currently costing $9885 increasing its prices by 7.19% in the last 24 hours, staying above the $9500 resistance.