JAKARTA - Veteran investor Paul Tudor Jones says he still has a "very small allocation" in Bitcoin amid current price volatility, citing the economic pattern since the 1970s as part of his reasons for holding.
In an interview on October 10 on CNBC, Jones said he argued cryptocurrencies like Bitcoin "will have value" at some points in the future higher than the current price of 19,236 US dollars.
The hedge fund manager with a reported net worth of around 7.5 billion US dollars said monetary policy in the 2020s could focus on "the dynamics of state-demic debt," with fiscal or high-term premium savings in the bond market and stock market.
I still get a very small allocation, I always have a small allocation for [Bitcoin], Jones said in an interview with CNBC. When there is too much money that's why we experience inflation and too much fiscal spending something like crypto, especially Bitcoin and Ethereum, where there is a limited amount, which will have value at some point.
Jones did not specify the total BTC allocation of "very small" but said in May 2020 that cryptocurrencies represent between 1% 2% of its total asset. In June 2021, citing concerns about inflation and the policy of the United States Federal Reserve, he recommended a 5% allocation to BTC, 5% for gold, 5% for cash, and 5% for commodities.
Following a meeting of the Federal Open Market Committee in May, Jones said it would be a "very, very negative situation" for stocks and bonds and the US is entering an "irmortable area" with Fed's interest rate hike hikes rising.
Many know this veteran investor for shortening the stock market ahead of market collapse in 1987, effectively doubling his fortune.
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