In the past bull market, a number of famous investors have entered the crypto market for the first time. So is Paul Tudor Jones, a legendary investor who is said to have a net worth of billions. But where even many professional investors do not like to sit out deep corrections, this does not appear to be a problem for Tudor Jones. He strongly believes in Bitcoin (BTC).
Legendary investor did not sell BTC
He was interviewed by CNBC earlier this week. The investor stepped about at the end of the fall of 2020, when the bitcoin price was still less than $ 9,000 per coin. He found bitcoin attractive because it seemed like you were putting money into a company like Apple at an early stage.
Important to him was that huge amounts of money were printed. His preference for an inflation hedge was bitcoin. He only had a few percent of his assets in the cryptocurrency, but a “huge group of very smart people” gave him confidence that he was right with the crypto.
Now he declares to CNBC that he has never had an investment for as long as with bitcoin. The price has gone from less than $8,000 to $9,000 to more than $60,000 and back to $15,000. Now that the price is around $27,000, he still has the assets. He still sees it as a small diversification of his portfolio.
Tudor Jones: recession is coming
Although he has a positive view of bitcoin, he thinks there is a reasonable chance of a recession. It would start in the third quarter. In September 2021 we saw the peak in the financial cycle. This is the combination of the amount of debt the economy and the financial world is taking on combined with the prices of assets.
“Historically, a recession follows two years later, which would now be in the third quarter of this year,” said Tudor Jones. Recently, another analyst said much the same thing.