American hedge fund manager Paul Tudor Jones, whose net worth is estimated to be $5.1 bln, has started buying Bitcoin (BTC), Bloomberg reports.

The self-made billionaire views the world’s leading cryptocurrency as a hedge against the rising inflation that will be caused by central banks increasing their money supply.

Here’s what he had to say about Bitcoin:

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

Notably, Jones draws parallels between Bitcoin and gold in the 70s. The same comparisons have been made by a large number of other investors, including Mike Novogratz and Mark Yusko.

The Tudor BVI fund will hold “a low single-digit” of its fund in BTC futures.

On this bullish news, the BTC price surged to an intraday high of $9,870 at 17:34 UTC. It is currently up more than seven percent over the last 24 hours.

Source: Alex Dovbnya - UToday

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