Billionaire Hedge Fund Manager Investing In BitcoinsteemCreated with Sketch.

in #bitcoin4 years ago

Wall Street has been slow to embrace Bitcoin and other cryptocurrencies.

While this might not be changing greatly on an institution level, some are starting to make the transition.


Billionaire hedge fund manager Paul Tudor Jones stated that he is starting to invest in Bitcoin.

This is being done in response to central banks printing an enormous amount of money. He also stated that his hedge fund could start to invest in Bitcoin futures.

Citing his words from a market outlook called “The Great Monetary Inflation,” a recent Bloomberg report indicated that Jones believes inflation rates will soon increase. He based his views on the fact that the Federal Reserve, and numerous other world central banks, are printing lots of fiat currency in a short period of time. To fight the potential consequences, he is buying Bitcoin.

Jones feels that Bitcoin is similar to gold in the 1970s where it ran up 2,300% in less than a decade.

Many feel the same as Jones. The actions of central banks around the world are causing many to fear the inflation bug. They believe that the money is going to cause currencies to collapse under the weight of inflation.

Thus far, we see hyper-inflation in countries such as Venezuela and Iran due to various reasons.

As the price of Bitcoin pushed towards $10,000, many are wondering what will happen next. In a few days, the halving takes place which will reduce the payout to miners.

This caused the inflation rate to drop but also affects the miners. Will they continue to mine Bitcoin as the payouts are cut in half.

Over the last year, many of the Bitcoin forks saw a drop in hashrate mining after their forks. Many miners had to turn off their operations as they weren't profitable.

Often this is a short term impact as price appreciation can make up for it.

Jones is believing that the long term direction is Bitcoin is up.

For Bitcoin holders, fortunately, he is putting his money behind that belief.

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