Paul Tudor Jones
Leanne Miller | CNBC
Billionaire investor Paul Tudor Jones told CNBC on Wednesday he views cryptocurrencies right now as a better hedge against inflation than gold.
“It would be my preferred one over gold at the moment,” Jones said in a “Squawk Box” interview. He added, “Clearly, there’s a place for crypto. Clearly, it’s winning the race against gold at the moment.”
Jones, a bitcoin and crypto bull, also told CNBC he’s very worried about rising inflation, saying it’s posing a major threat to the U.S. financial markets and the recovering Covid-hit economy.
“I’ve got crypto single digits in my portfolio,” Jones said, referring to the percentage of his holdings in cryptocurrencies.
Back in June, Jones told CNBC that bitcoin is a great way to protect his wealth over the long run, calling the world’s biggest crypto a store of wealth like gold.
Bitcoin, often referred to as digital gold, was also designed as a payment system. Though adoption as money to pay for things has been slow due to the volatile nature of the digital coin.