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Bitcoin Jumps; Famed Fund Manager Says Bitcoin to Shine as Central Banks Ease

Published 07/05/2020, 18:43
Updated 07/05/2020, 18:46
© Reuters.
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By Yasin Ebrahim 

Investing –  The jury may still be out on whether bitcoin is a safe heaven, but there is little doubt that it is an effective hedge against currency debasement at time when central banks continue to roll out stimulus, prompting famed hedge fund manager Paul Tudor to buy the popular cryptocurrency.

Bitcoin (BitfinexUSD) jumped 4% to trade at $9,725.

"The best profit-maximizing strategy is to own the fastest horse," Jones said in a letter to his investors as he declared bitcoin a hedge against the "great monetary inflation," according to Bloomberg. "If I am forced to forecast, my bet is it will be Bitcoin."

Bitcoin futures could make up a low-single-digit holding of assets in his $22 billion Tudor BVI fund, Jones said.

 

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