Billionaire investor Paul Tudor Jones has revealed his admiration for Bitcoin, saying he is willing to invest up to 5% of his portfolio in the cryptocurrency.
Paul Tudor Jones, founder of the Tudor Investment Corporation, has revealed he likes Bitcoin and considers the leading cryptocurrency as a great portfolio diversifier. He made this comment during an interview with CNBC yesterday.
Tudor Jones said, “I like bitcoin as a portfolio diversifier. Everybody asks me what should I do with my bitcoin? The only thing I know for certain, I want 5% in gold, 5% in bitcoin, 5% in cash, 5% in commodities. At this point in time, I don’t know what I want to do with the other 80% until I see what the Fed is going to do.”
The billionaire investor is open to investing up to 5% of his portfolio in Bitcoin. With a net worth of over $7 billion, investing 5% in Bitcoin could see the market rake in hundreds of millions of dollars.
The cryptocurrency market has attracted numerous institutional investors and billionaires over the past few months. The market has matured, and several institutional investors now view Bitcoin as a hedge against inflation. This has led to some of them investing billions of dollars into the market over the past year.
Tudor Jones said he considers Bitcoin to be a store of wealth, an asset that has appreciated in value since it was created a decade ago. “For me, it’s just a way of kind of foundationally looking at how do I protect my wealth. Over time it’s a great diversifier. Again, I look at bitcoin as a store of wealth. I look at crypto as a store of wealth. Others will argue this is a different ecosystem. It’s transactional in nature,” he added.
Bitcoin’s price finally climbed the $40k mark after spending the past few weeks trading around the $30k region.