Buying Bitcoin is ‘Like Investing In Google Early Or Steve Jobs And Apple’

Buying Bitcoin is ‘Like Investing In Google Early Or Steve Jobs And Apple’

Wall Street legend and billionaire Paul Tudor Jones, who made headlines when he revealed he was buying bitcoin to hedge against inflation earlier this year, has said buying bitcoin is “like investing with Steve Jobs and Apple AAPL -0.6% or investing in Google early.”

“Bitcoin has a lot of characteristics of being an early investor in a tech company,” Jones, who’s known for his macro trades and particularly his bets on interest rates and currencies, told CNBC’s Squawk Box in an interview this week, adding he likes bitcoin “even more” than he did when his initial bitcoin investment was announced in May this year.

“I think we are in the first inning of bitcoin,” he said. “It’s got a long way to go.”

Bitcoin has come a long way in the ten years since it was created but, for some, it still feels early…

Now, Wall Street legend and billionaire Paul Tudor Jones, who made headlines when he revealed he was buying bitcoin to hedge against inflation earlier this year, has said buying bitcoin is “like investing with Steve Jobs and Apple AAPL -0.6% or investing in Google early.”

“Bitcoin has a lot of characteristics of being an early investor in a tech company,” Jones, who’s known for his macro trades and particularly his bets on interest rates and currencies, told CNBC’s Squawk Box in an interview this week, adding he likes bitcoin “even more” than he did when his initial bitcoin investment was announced in May this year.

“I think we are in the first inning of bitcoin,” he said. “It’s got a long way to go.”

Back in May, Jones revealed he was betting on bitcoin as a hedge against the inflation he sees coming as a result of unprecedented central bank money printing and stimulus measures undertaken in the wake of the coronavirus pandemic.

Jones compared bitcoin to gold during the 1970s and said his BVI Global Fund, with assets worth $22 billion under management, could invest as much as “a low single-digit percentage exposure percentage” in bitcoin futures.

“I’ve got a small single-digit investment in bitcoin,” Jones said this week. “That’s it. I am not a bitcoin flag bearer.”

“Bitcoin has this enormous contingence of really, really smart and sophisticated people who believe in it,” he said. “I came to the conclusion that bitcoin was going to be the best of inflation trades, the defensive trades, that you would take.”

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