Arthur Hayes, the CEO of cryptocurrency exchange BitMEX, expects that Paul Tudor Jones, a legendary hedge fund investor, will bring more big investors to the crypto market by investing in Bitcoin, as Jones activated massive excitement in crypto markets on May 8 (yesterday) by revealing that Bitcoin is part of his portfolio.
It has been reported that Hayes says that Jones has just removed career risk from investing in cryptos like Bitcoin.
On May 7, he tweeted:
“Expect a lot of beta fund managers to begin cooking some copypasta.”
However, Hayes is not alone in thinking that more institutional investors will follow Jones’ method to hedge against inflation risks.
On May 7, CNBC‘s Bitcoin baller, Brian Kelly (BK) and CNBC’s Fast Money traders discussed the potential impact of the billionaire investor’s Bitcoin news.
Karen Finerman, the Co-founder and CEO of Metropolitan Capital Advisors and a CNBC Fast Money panelist, also believes that Jones is paving the way for more hedge funds and mainstream investors to get into Bitcoin.
Likewise, Finerman highlighted that people will feel more safe buying Bitcoin now that Jones has invested in it.
“Nobody wants to get outed having owned Bitcoin if it completely falls apart. But if you can say that Jones owns it also, maybe that gives you a little bit of cover.”
Moreover, Jones said that Bitcoin reminds him of the crucial role that gold played in the economic crisis of the 1970s.
According to CNBC’s BK, both Bitcoin and gold can do well in the current economic environment due to their common features, like a capped supply, as he says that Bitcoin will play a bigger role in the current environment due its digital and mobile nature.
Thus, Kelly outlined that Bitcoin has a “much higher upside” and a better risk-to-reward.