Bitcoin is still bullish for some people

As he recently revealed, senior fund manager Paul Tudor Jones is now a big fan of Bitcoin – especially as a hedge against inflation.You may already have noticed: Fund manager Paul Tudor Jones is now officially a Bitcoin fan (BTC). However, few media have reported why the American hedge fund manager is suddenly a fan of the leading cryptocurrency. He explains his reasoning in the letter to investors from May 2020.

 

“Bitcoin is undervalued compared to gold”

 Paul Tudor Jones was recently in the news for leading Bitcoin (BTC) as a hedge against inflation. His reasoning, as explained in the BVI letter to investors from May 2020:

“Bitcoin… achieves 66% of the gold value as a store of value, but has a market cap that is 1/60 of the gold value. Something seems to be wrong here, and I suspect it’s Bitcoin’s price.”

 

Jones believes that government debt is accumulating too quickly. “Printing money is a difficult habit to overcome,” the letter said. Investors should therefore look for alternatives in the face of inflation fears. Gold is an obvious alternative, but Jones also defends Bitcoin extensively as an investment.