Read more on this subject: Bitcoin
News Story Source: https://www.zerohedge.com by Tyler Durden
This thesis got a sudden, unexpected boost today when legendary trader and famed macro hedge fund billionaire Paul Tudor Jones said he's buying Bitcoin as a hedge against the inflation he sees emerging from the Fed's money-printing, even telling clients that bitcoin reminds him of "the role gold played in the 1970s".
PTJ is betting on bitcoin because he believes the best profit-maximizing strategy is to "own the fastest horse," according to Bloomberg, which cited a note to clients recently authored by PTJ, which he titled "The Great Monetary Inflation."
"If I am forced to forecast, my bet is it will be Bitcoin."
Jones said his Tudor BVI fund may hold as much as a low single-digit percentage of its assets in Bitcoin futures.
Jones isn't the only one worried about the long-term ramifications of the Powell Fed's actions: Morgan Stanley expects the Fed balance sheet to hit $12 trillion by the end of 2021, ne
Read More or Make a Comment