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Billionaire hedge fund manager Paul Tudor Jones explained on Tuesday why he’s still bullish on Bitcoin, despite its flat price over recent months. He believes the crypto ecosystem is part of a broader trend toward a borderless internet and globalized world, and that younger generations will bring it about.

Centralization VS Decentralization

When speaking with Joe Kernen of Squawk Box, Jones specifically described a “generational” and “digital” divide around Bitcoin. While members of the old generation, like himself, are “scrambling” to understand the technology, young students leaving colleges today are pouring into the crypto industry.

“It’s hard to not want to be long on crypto because of the intellectual capital that’s going into that space,” he said.

Studies consistently show that age is a strong predictor of interest in digital assets. A CNBC survey from last year found that 83% of millennial millionaires invest in crypto. A more recent Ipsos poll indicates that over one-fourth of Americans aged 18 to 34 are somewhat likely to use crypto to purchase products next year, versus just 6% of those over 50.

Jones continued to describe crypto as the dream of a borderless internet, where blockchain serves as the verification layer for anyone to connect. However, this is exactly the quality that makes it the enemy of legacy institutions like governments and central banks. In particular, he claims their opposition to Bitcoin’s use as a medium of exchange is the “number one thing that’s holding it back”.

“You’re not gonna get buy-ins from governments because they lose the ability to control the creation and the supply of money,” explained Jones.

Bitcoin has a fixed supply of 21 million coins, which has popularized it as a potential “digital gold” that’s immune to monetary debasement from central planners. Jones has previously stated that he thinks Bitcoin is “winning the race” against gold.

Alternatives to National Currency

The billionaire also believes that crypto is especially attractive as a way to store value without being denominated in a national currency.

Bill Miller – another billionaire hedge fund manager – claimed something similar following the collapse of Russia’s ruble in March. He said the ordeal is “very bullish for Bitcoin” as Russia might seek alternative stores of value that other countries cannot take from them.

Both Jones and Miller hold Bitcoin positions – the former’s described as “modest” with the latter’s as high as 50% of his portfolio.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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