Billionaire Paul Tudor Jones Says He Will Not Give Up Investing in Bitcoin
Billionaire investor and top hedge fund manager Paul Tudor Jones recently reaffirmed his faith in Bitcoin in an interview with CNBC’s Squawk Box, saying that he would never quit holding a token amount of BTC.
“I Am Committed to Bitcoin Forever”
Tudor said that there may only ever be 21 million bitcoins in existence, which is one of the reasons he plans to hold onto the commodity with his wealth.
The businessman also joked about Bitcoin’s extreme price swings, noting the cryptocurrency’s meteoric rise to over $65,000 in 2021 and subsequent collapse to under $15,000 the following year.
But he said that he would continue to keep his BTCs despite the volatility.
“Because it’s such a large tail event, I’ve indicated from the start that I just want a tiny allotment. That’s why I won’t budge; I’m committed to Bitcoin forever. It’s just some variety in my holdings.”
Tudor expressed his thoughts on the state of the US stock markets and the banking situation during the conversation with host Andrew Ross and he was not shy in showing his concern about an impending recession in the US.
Paul Tudor Jones Has Been Supporting Bitcoin For A Long Time
Paul Tudor Jones’s support for Bitcoin is not new. He used BTC to diversify his portfolio and told people to do so. He recommended a 5% Bitcoin allocation in every portfolio around two years ago.
“Bitcoin is cool. Bitcoin is mathematical, and mathematics has a long history. For the next two thousand years, two plus two will always equal four. I enjoy the concept of investing in something that is constant, honest and 100% correct,” he remarked.
On the other side Bitcoin mining is not something that Tudor supports.
“If I ruled the world, I’d put an end to Bitcoin mining to reduce its negative effect on the environment and let the ecosystem find out how to address the problem without increasing the supply.”
The Ethereum network, home to the world’s second-largest cryptocurrency is already implementing Tudor’s suggestions. Energy consumption for currency creation has been greatly lowered since the network switched from Proof of Work to Proof of Stake consensus last year.