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On holding Bitcoin, Hedge Fund Manager Paul Tudor Jones said he has âstill got a very minor allocation, Iâve always had a small allocation to it.â
This is despite its highly correlated moves with the risk-on market, not to mention stagnant price action lately, with the past month seeing the BTC price ranging between $18,300 and $20,400.
Tudor Jones did not quantify what was meant by âminorâ and âsmall.â Nonetheless, some have interpreted his words as bullish in that he continues to hold despite wider capitulation during the bear market.
Speaking to Andrew Sorkin on CNBCâs Squawk Box, Tudor Jones set the scene by summarizing financial crises and dominant narratives from each decade since the 90s.
When it came to the 2020s, he described a scenario in which previous excesses, i.e., the âmassive experimentationâ of low-interest rates and uncurbed money printing, come home to roost.
âThe 20s, Iâm afraid, are going to be that period where we really focus on debt dynamics country by country, fiscal deficits, and the need to run, certainly fiscal policy, in a way that gives people confidence in the long run value of the currency.â
With that, going into this decade, Tudor Jones foresees âfiscal retrenchment,â which he described as the polar opposite of what was experienced during the last decade.
In an inflationary environment with excess government spending, the hedge fund manager said he sees merit in holding Bitcoin and Ethereum due to their fixed supply.
âIn a time when thereâs too much money, which is why we have inflation, and too much fiscal spending, something like crypto, specifically Bitcoin and Ethereum, where thereâs a finite amount of that, that will have value at some point.â
He added that he doesnât know when significant price appreciation will occur, but âit will have valueâ when the time comes.
Injecting, Sorkin clarified by asking, value at a much higher number than today? Tudor Jones said, âoh, I think so, yeah.â
In response to the interview, gold-bug Peter Schiff played down the significance of Tudor Jonesâ âminorâ allocation, saying this is not the âcompelling endorsementâ cryptocurrency advocates believe it to be.
Schiffâs tweet did not comment on future crypto price appreciation.
The post Paul Tudor Jones sees Bitcoin much higher as fiscal excess unwinds appeared first on CryptoSlate.
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