Inflation worldwide is collapsing amid the current coronavirus pandemic. To protect against inflation risks, some billionaire investors are buying Bitcoin (BTC)..
Paul Tudor Jones, the billionaire founder of the hedge fund Tudor Investment Corporation, Bitcoin is reportedly part of its portfolio.
“If I’m forced to forecast, my bet is that it will be Bitcoin.”
According to a Bloomberg report on May 7, Jones is buying Bitcoin to protect his investments from inflation emanating from central banks that print money. In a market outlook entitled “The Great Monetary Inflation,” the billionaire said Bitcoin reminded him of the role gold had played in the economic hardships of the 1970s.
In the note, The 65-year-old investor highlighted Bitcoin as the best option for a profit maximization strategy. Jones said:
“The best strategy to maximize profits is the fastest horse […] If I’m forced to forecast, my bet is that it will be Bitcoin. “
According to the report Tudor BVI, a hedge fund operated by Tudor Investment Corporation, has a “low single-digit percentage” of its assets in Bitcoin futures.
The current crisis is the biggest test for Bitcoin
Jones is not the first to outline Bitcoin’s potential amid the coronavirus crisis and inflation. In March 2020, the largest cryptocurrency exchange, BitMEX said that corona virus inflation would be the biggest opportunity for Bitcoin since its launch in 2009.
As a result, billionaire investor and big Bitcoin bulish Tim Draper also explained Bitcoin’s crucial role in the current global financial crisis. On March 16, Draper said it would be Bitcoin, not banks and governments, that would save the day.
In the meantime, the price of Bitcoin continues to rise in anticipation of an important milestone in its history. On May 12, the largest cryptocurrency will receive the third half of its block rewardThis means that the amount of Bitcoin mined every 10 minutes drops from 12.5 to 6.25. Bitcoin, which operated at a price of $ 9,816 at press time, has recently gained momentum and has grown more than 11% in the past seven days. On January 1, 2020, Bitcoin was trading at around $ 7,200.
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