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Bitcoin is better than gold - says a billion dollar investor



On Wednesday, billionaire investor Paul Tudor spoke about his current views on cryptocurrencies. In his opinion, Bitcoin and other cryptocurrencies are a better hedge against inflation than gold at the moment.

Jones said:

I would prefer crypto to gold right now. There is clearly a place for cryptocurrencies. It is clear that right now they are winning the race against gold.

Jones also expressed concern about inflation. He said it poses a major threat to US financial markets and the slowly recovering economy. Jones also spoke about his own holdings of cryptocurrencies. The billionaire made it clear: "I have single-digit cryptocurrencies in my portfolio."

Jones' support for cryptocurrencies has been evident for a while. In June, Jones claimed that Bitcoin was a great asset to protect one's wealth over the long term. Even then, he compared the coin to gold. Gold can hedge against inflation as it would rise with the rapid rise in consumer prices. But Bitcoin might be a better investment in this scenario.

Bitcoin reaches new all-time high

Bitcoin is often referred to as "digital gold". The coin was conceived as a means of payment, but due to the volatility of the rates, acceptance as a means of payment has not really caught on yet.

Following Jones' remarks, the price of Bitcoin rose, reaching its all-time high of $ 64,899 in April. BTC has been on the verge of breaking that record all week. In the eyes of many analysts, there are still positive signs for the currency.

Bitcoin had some trouble over the summer, trading below $ 30,000 before skyrocketing in the run-up to the launch of the first publicly traded US Bitcoin fund . On Tuesday's debut, the ProShares Bitcoin Strategy ETF jumped 4.8% and also opened higher on Wednesday. The ETF is based on Bitcoin futures and not the spot price.

In his interview, Jones said that he would rather own Bitcoin himself than the futures-linked ETF. However, the billionaire said the ETF will be a success and that investors "should be very reassured that it has been approved by the US Securities and Exchange Commission."

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