American investor and Tudor Investment Corp. CEO Paul Tudor Jones is reportedly buying bitcoin (EXANTE: Bitcoin) as a hedge against the inflation risks, Bloomberg has learned.
Jones says the current situation on the stock market reminds him of the role gold played back in the 1970s.
The well-known macro investor says bitcoin is the fastest horse for "the best profit-maximizing strategy."
Thus, The Tudor Bvi Global Portfolio L.P. fund became one of the first big American players to embrace cryptocurrency.
"We are witnessing the Great Monetary Inflation -- an unprecedented expansion of every form of money unlike anything the developed world has ever seen," Jones said.
Meanwhile, bitcoin is struggling to break the $10,000 mark it had lost on February 19th. At press time, bitcoin is trading at $9826.
Chart of the USD/BTC trading pair from EXANTE
iHodl earlier reported that the California-based hedge fund Pantera Capital Management expects a big jump in bitcoin's price as halving arrives.
In 2020, the reduction in supply is only 40% as great as in 2016. If the relationship holds, that would imply approximately 40% as much price impulse and the price of bitcoin could peak at the $115 212 mark, Pantera Capital Management CEO Dan Morehead wrote in a newsletter Monday.
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