Bitcoin (BTC) has become one of the most exciting financial assets in recent years. With several investors entering the market due to its massive growth, billionaire investor Paul Tudor Jones believes that the leading cryptocurrency is a great portfolio.
Paul Tudor Jones likes Bitcoin
Billionaire investor and the founder of the Tudor Investment Corporation has revealed that he likes Bitcoin as an asset class. Tudor Jones made this revelation during an interview with CNBC yesterday. Tudor Jones pointed out that Bitcoin is a great portfolio diversifier, and he looks to boost his investment in the leading cryptocurrency.
Jones pointed out that Bitcoin and other cryptocurrencies have grown to become a store of wealth. “For me, it’s just a way of kind of foundationally looking at how do I protect my wealth. Over time it’s a great diversifier. Again, I look at bitcoin as a store of wealth,” he added.
The billionaire investor added Bitcoin as one of the assets he would hold to preserve his wealth against inflation. “I like bitcoin as a portfolio diversifier. Everybody asks me what should I do with my bitcoin? The only thing I know for certain, I want 5% in gold, 5% in bitcoin, 5% in cash, 5% in commodities,” Jones added.
More institutional investors are trooping into the crypto market
The leading cryptocurrency has gained massive adoption over the past few years. In recent months, most of the adoption came from institutional investors. With a net worth of over $7 billion, the Bitcoin market would be gaining hundreds of millions of dollars if Tudor Jones invests 5% of his portfolio in BTC.
More asset management firms and hedge funds have been increasing their exposure in Bitcoin. Most of the institutional investors now view Bitcoin as a hedge against inflation, thanks to the US Federal Reserve (FED) and several other central banks globally printing money to combat the effects of the Coronavirus pandemic.