Recent bitcoin price action has not tempted Paul Tudor Jones to exit his BTC position.

The legendary billionaire hedge fund manager claims that he now sees the cryptocurrency as being more useful than when he recommended it earlier this year.

Jones champions bitcoin as a hedge against inflation. Given recent policy from central banks around the world, he reasons that such a hedge is even more valuable today and that the rally is still in its “first innings.”

As BeInCrypto previously reported, billionaire investor Paul Tudor Jones is one of a contingent of high profile interests waking up to the importance of bitcoin. Jones told CNBC in May 2020 that he held between 1 – 2% of his net worth in bitcoin.

The legendary hedge fund manager stated that bitcoin was emerging as a defense against inflation. He added that it was undervalued relative to gold – a more historically accepted hedge.

Fast forward five months and Jones is still happy with his position in BTC. On Thur 22 Oct., he appeared on CNBC’s ‘Squawk Box’ where he claimed to appreciate the cryptocurrency’s utility more now than when he announced his position.

"I came to the conclusion that #btc was going to be the best of the inflation trades–the defensive trades," says Paul Tudor Jones. "Bitcoin has a lot of characteristics of being an early investor in a tech company…it's like investing with Steve Jobs and Apple." pic.twitter.com/4760iQBrOy

— Squawk Box (@SquawkCNBC) October 22, 2020

His appearance followed bitcoin’s move briefly above $13,000 on Wednesday. The price action was prompted by news that PayPal would provide limited support for BTC, starting from next year. Asked whether he’d sell following the pump, Jones confirmed that his stance towards bitcoin has remained unchanged.

Jones once again raised the issue of uncertain policy created at the Federal Reserve. He explained that ‘unprecedented times,’ caused in large part by the coronavirus, had forced people to think harder about how to defend against inflation.

He went on to compare bitcoin to gold and other ‘defensive trades.’ For Jones, bitcoin has a much smaller market cap, meaning greater upside potential. It’s also portable and liquid.

Jones argued that the only thing lacking from BTC is historical precedence. However, he added that it gains greater trust every day.

Perhaps most interesting were his comments on the bitcoin community. He claimed one of bitcoin’s major distinguishing features is the ‘great intellectual capital’ backing it.

Paul Tudor Jones is just one of a growing number of individuals and companies that are starting to see bitcoin as a hedge against macroeconomic uncertainty. Several private and publicly listed companies are actively taking exposure to it.

Among them is Microstrategy, headed by recent bitcoin industry hero, Michael Saylor, as well as Mode Global Holdings and Square. Predictions of increased institutional interest following Saylor’s $425 million investment have so far proved to be accurate.

The post “I Like Bitcoin Even More Now” Than in March, Says Paul Tudor Jones appeared first on BeInCrypto.

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