Two years ago, Jones had said he had allocated 1% to 2% of its portfolio to BTC — and speaking to CNBC, he confirmed he still has a “minor allocation.”
Back in May 2020, the billionaire investor Paul Tudor Jones declared that Bitcoin was “the fastest horse” — and warned hedges against inflation were crucial.
On both counts, he turned out to be right. BTC was worth under $10,000 back then — it later raced to a new all-time high of $68,700 about 18 months later.
Back then, Jones also warned of “an unprecedented expansion of every form of money unlike anything the developed world has ever seen.”
Major economies are now grappling with astronomical levels of inflation.
In an interview with CNBC — Jones, who made his name after predicting the stock market crash of 1987 — offered an update on his current thinking.
He warned that we are likely heading into a recession, and risk assets are highly likely to fall further.
And on the Federal Reserve’s efforts to bring inflation back down to the target level of 2%, he warned:
“Inflation is a bit like toothpaste. Once you get it out of the tube, it’s hard to get it back in.”
Two years ago, Jones had said he had allocated 1% to 2% of its portfolio to BTC — and during the interview, he confirmed he still has a “minor allocation.”
He added that BTC and ETH specifically will have value in the future because they have a finite supply.
And although he’s predicted that prices will be much higher than they are today, he hinted that a looming recession means things will likely get worse before they get better.