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"All roads lead to inflation," said billionaire hedge fund manager Paul Tudor Jones when asked if he is long on gold and Bitcoin (BTC) amid the global financial firestorm. He then goes on to reveal that he is indeed long on both the major cryptocurrency and the precious metal.
With some $12 billion in assets under management at Tudor Investment Corporation, the fund's founder revealed in a rant that he believes commodities are also criminally underowned. As Tudor himself revealed somewhat cryptically, he "probably" has a basket of gold, Bitcoin, commodities and NASDAQ stocks.
Gamza KhanzadaevDespite the initial excitement in the crypto community caused by the billionaire backing the major cryptocurrency, saturating the market with positivity regarding the future of Bitcoin as a hedge against inflation and proving its claim to be "digital gold" or even "gold 2.0," Tudor is actually an early Bitcoin supporter and has shared his bullishness on the major cryptocurrency over the past two years.
The news that Jones was getting into Bitcoin first came out in a letter to his clients. In it, he compared investing in BTC to buying gold in the 1970s and said that inflation was likely to rise because of the Federal Reserve's response to the global pandemic. Well, fast forward four years, and here we are.
Bitcoin (BTC): Price outlook
Meanwhile, the price action of the so-called "digital gold" continues to confuse participants in the crypto market.
On the one hand, the price of Bitcoin was denied from $68,000, which is seen as a major test for the bulls to prove their ambition for a new all-time high. On the other hand, no major sellers are in sight, and the incoming intertwining of moving averages on the daily chart teases that a golden cross may soon appear for BTC.
Denys Serhiichuk
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Dan Burgin