Bitcoin’s surge past $13,000 has not gone unnoticed by the mainstream media. CNBC brought on Meltem Demirors, CSO of CoinShares, then billionaire Wall Street investor Paul Tudor Jones to talk about the cryptocurrency after the rally.
In Tudor Jones’ interview on Thursday morning, the hedge fund veteran said that he thinks investing in Bitcoin now is like investing in Apple or Google prior to the tech boom:
Bitcoin has this enormous contingence of really, really smart and sophisticated people who believe in it. It’s like investing with Steve Jobs and Apple or investing in Google early.
The investor made headlines earlier this year when he sent a research note to his clients indicating to them that he had changed his investment mandate to include exposure to Bitcoin futures. He added that he has personal exposure of “low single digits” to Bitcoin also through the futures market. Tudor Jones wrote at the time:
“I am not an advocate of Bitcoin ownership in isolation, but do recognize its potential in a period when we have the most unorthodox economic policies in modern history. […] Bitcoin reminds me of gold when I first got in the business in 1976.”
In this latest interview, he elaborated on the thesis he conveyed in that research note.
“The reason I recommended Bitcoin is because it was one of the menu of inflation trades, like gold, like TIPS breakevens, like copper, like being long yield curve and I came to the conclusion that Bitcoin was going to be the best inflation trade.”
He references the asset’s halvings, whereby the number of bitcoin issued per block is cut in half approximately every four years, creating a supply slope that ends at 21 million coins.
Tudor Jones thinks that Bitcoin remains in its “first inning” and will see even greater growth in the years ahead.