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