Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Bitcoin Is Preferred Inflation Hedge Over Gold

Bitcoin Is Preferred Inflation Hedge Over Gold

Paul Tudor Jones told CNBC today that crypto is “clearly winning the race against gold” amid a broader discussion around inflation.

Billionaire hedge fund manager Paul Tudor Jones thinks Bitcoin is winning the race against gold, according to an interview on Wednesday with CNBC.

Host Andrew Ross Sorkin reminded the billionaire American investor—whose company controls close to $40 billion in assets under management—that when he last appeared on the show, back in June, Tudor Jones had called Bitcoin a hedge against inflation.

Tudor Jones doubled down on his earlier comments today, replying: “Bitcoin would be a great hedge. Crypto would be a great inflation hedge.”

Sorkin then turned to Bitcoin’s recent explosive price performance, asking: “Is it still a hedge at these prices?”

“Listen, I’ve got crypto in single digits in my portfolio. I have a small trading position at our fund. I do think we’re moving into an increasingly digitized world,” said Jones. “Clearly there’s a place for crypto and clearly it’s winning the race against gold at the moment. So yes, I think it would be a very good inflation hedge. It would be my preferred one over gold at the moment.”

Bitcoin… A portfolio diversifier?


When Jones last locked horns with Sorkin on Squawk Box, the investor told CNBC he recommends a 5% position in Bitcoin, adding that he likes “Bitcoin as a portfolio diversifier.”

Back then, the Tudor CIO described his position as a “defensive position for myself personally, and my family, that I don’t even look at anymore.”

But, he tempered his enthusiasm by adding his concerns about Bitcoin mining’s carbon footprint.

“If I was king of the world, I’d ban Bitcoin mining just because of the environmental impact, and then make the ecosystem figure out a way to do it without expanding the supply any more at all.”

Tudor Jones is one of many executives at large investment companies who are now encouraging clients to diversify their portfolios with crypto.

Back in January, Guggenheim CIO Scott Minerd, whose firm stewards $325 billion, gave Bitcoin a $400,000 price projection and admitted that some of Guggenheim’s private funds had already bought it.

Rick Rieder, CIO of the world’s largest asset manager BlackRock, which controls over $9 trillion in assets as of June this year, said in February that the company was “starting to dabble” in Bitcoin.

By the end of summer, the SEC published a filing revealing that BlackRock had invested in two U.S.-based Bitcoin mining firms.

Today, Bitcoin picked up its bull run, hitting a new all-time high of $66,812, according to CoinGecko. The record comes hot on the heels of ProShares launching its Bitcoin futures ETF on the NYSE yesterday.

No wonder then, that CIOs like Paul Tudor Jones, Scott Minerd, and Rick Rieder are all watching, eagle-eyed.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Hungary Ranked Among the World’s Safest Travel Destinations for 2025
G7 Leaders Fail to Reach Consensus on Key Global Issues
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Man Convicted of Fraud After Booking Over 120 Free Flights Posing as Flight Attendant
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Beata Thunberg Rebrands as Beata Ernman Amidst Sister's Activism Controversy
Hungarian Parliament Approves Citizenship Suspension Law
Prime Minister Orbán Criticizes EU's Ukraine Accession Plans
Hungarian Delicacies Introduced to Japanese Market
Hungary's Industrial Output Rises Amid Battery Sector Slump
President Sulyok Celebrates 15 Years of Hungarian Unity Efforts
Hungary's Szeleczki Shines at World Judo Championships
Visegrád Construction Trends Diverge as Hungary Lags
Hungary Hosts National Quantum Technology Workshop
Hungarian Animation Featured at Annecy Festival
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
UK and EU Reach New Economic Agreement
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
UK and EU Reach Agreement on Gibraltar's Schengen Integration
Israeli Finance Minister Imposes Banking Penalties on Palestinians
U.S. Inflation Rises to 2.4% in May Amid Trade Tensions
Trump's Policies Prompt Decline in Chinese Student Enrollment in U.S.
Global Oceans Near Record Temperatures as CO₂ Levels Climb
Trump Announces U.S.-China Trade Deal Covering Rare Earths
Smuggled U.S. Fuel Funds Mexican Cartels Amid Crackdown
Austrian School Shooting Leaves Nine Dead in Graz
Bezos's Lavish Venice Wedding Sparks Local Protests
Europe Prepares for Historic Lunar Rover Landing
Italian Parents Seek Therapy Amid Lengthy School Holidays
British Fishing Vessel Seized by France Fined €30,000
Dutch Government Collapses Amid Migration Policy Dispute
UK Commits to 3.5% GDP Defence Spending Under NATO Pressure
Germany Moves to Expedite Migrant Deportations
US Urges UK to Raise Defence Spending to 5% of GDP
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Low Turnout Jeopardizes Italy's Citizenship Reform Referendum
Transatlantic Interest Rate Divergence Widens as Trump Pressures Powell
EU Lawmaker Calls for Broader Exemptions in Supply Chain Legislation
France's Defense Spending Plans Threatened by High National Debt
European Small-Cap Stocks Outperform U.S. Rivals Amid Growth Revival
Switzerland Proposes $26 Billion Capital Increase for UBS
×