Finance

Billionaire investor Paul Tudor Jones says he’s loading up on bitcoin (GBTC)

Paul Tudor JonesREUTERS/Eduardo Munoz

  • Billionaire investor Paul Tudor Jones is buying bitcoin, Bloomberg reported Thursday.
  • The hedge fund manager said his fund may hold as much as a low single-digit percentage of its assets in bitcoin futures to help protect against a rise in inflation, according to the report.
  • Paul Tudor Jones is the founder and CEO of Tudor Investment Corp., which managed $38.4 billion as of March 30, according to data from the SEC.
  • Visit Business Insider’s homepage for more stories.

Billionaire hedge fund manager Paul Tudor Jones is buying bitcoin, Bloomberg reported on Thursday.

Jones told his clients in a market outlook note that he believes bitcoin will serve as a hedge against a jump in inflation he thinks is coming, due to central banks printing money and sharply expanding their balance sheets amid the coronavirus pandemic.

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Jones said bitcoin “reminds him of the role gold played in the 1970s,” according to the report.

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

One of Jones’ funds, Tudor BVI, may hold as much as a low single-digit percentage of its assets in bitcoin futures.

Jones is the founder and CEO of Tudor Investment Corp., a hedge fund that managed $38.4 billion as of March 30, according to data from the Securities and Exchange Commission.

Bitcoin traded up as much as 6.5% on Thursday to $9,911.

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