Macro investor and hedge fund manager Paul Tudor Jones issued a strong case for buying bitcoin and indicated that his Tudor BVI fund will trade bitcoin futures.
The founder and chief investment officer of Tudor Investment Corp. says he sees the crypto asset as a hedge against upcoming inflation as a result of central bank money printing, according to Bloomberg.
“The best profit maximizing strategy is to own the fastest horse,” Jones said in an investor letter, titled The Great Monetary Inflation, which was reviewed by The Block. Bloomberg first reported Thursday that the noted investor is buying bitcoin, though the letter contains a more nuanced take without offering a clear sense that he is purchasing actual coin.
“If I am forced to forecast, my bet is it will be bitcoin,” he added. Indeed, Jones said that such money-printing will move many different assets. And it will push traditional investors to gold, but he said the world “craves new safe assets,” which might be a boon for bitcoin.
As Jones put it:
“Quite often, how the markets respond will be at odds with your priors. But remember, the P&L always wins in the long run. With that in mind, in a world that craves new safe assets, there may be a growing role for Bitcoin.”
The letter also provides additional clarity on the exact nature of Tudor’s plans, which stated:
“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. So, we need to adapt our investment strategy. We have updated the Tudor BVI offering memoranda to disclose that we may trade Bitcoin futures for Tudor BVI.