About six months after Paul Tudor Jones made his original investment case for bitcoin, the famed hedge funder says he likes bitcoin even more.
In an interview with CNBC on Thursday, Jones — who leads Tudor Investment Corp — said that he was even more bullish on the digital asset, which he views as a potential hedge against aggressive central bank monetary policy.
“I like bitcoin even more now than I did then. I think we are in the first inning of bitcoin and it’s got a long way to go,” Jones said.
In May, the 66-year-old Tennessee native penned an investment letter, dubbed The Great Monetary Inflation, in which he made his case for bitcoin as "the best profit-maximizing strategy." At the time, he said the firm's fund would likely allocate a position to bitcoin futures. Since the letter dropped, bitcoin has appreciated about 20%.
Relative to other inflation hedges, Jones said bitcoin is the most attractive.
“The reason I recommended bitcoin is because it was one of the menu of inflation trades, like gold, like TIPS breakevens, like copper, like being long yield curve and I came to the conclusion that bitcoin was going to be the best inflation trade,” Jones added.