The founder and chief executive of Tudor Investment Corp. told his clients that Bitcoin reminds him of gold in the 1970s, according to Bloomberg.
A quote was taken out of his market outlook note entitled The Great Monetary Inflation, to further emphasize his take on Bitcoin:
“The best profit-maximizing strategy is to own the fastest horse. If I am forced to forecast, my bet is it will be Bitcoin.”
Industry observers were quick to point out that Tudor’s BVI fund wasn’t buying BTC directly but investing in futures, which essentially bets on the future price of the asset without actually holding any of it.
Jones added that he was motivated to consider Bitcoin following the implications of the massive fiscal spending and bond-buying by the U.S. central bank to combat the coronavirus pandemic.
Jones estimates that US$3.9 trillion[AU$5.97 trillion] of the money, which is the equivalent to 6.6% of global economic output, has been printed since February.
A figure of $6 trillion has reportedly been set aside for fiscal stimulus programs by the Federal Reserve this year.
Its balance sheet has expanded to a record of $6.72 trillion as the central bank continued to prop up the flailing US economy, according to reports.
Image courtesy of AaronJOlson/Pixabay
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