Paul Tudor Jones expects cryptocurrency to have a bright future

moneycontrol.com:

Paul Todor Jones, billionaire hedge fund manager and founder of asset management firm Tudor Investment Corp, interviewed with CNBC on May 3, saying that he sees a bright future for cryptocurrency at a time when the US Federal Reserve is hiking interest rates to fight inflation.

The Fed on May 4 raised the benchmark lending rate by 50 basis points, in what is being viewed as the sharpest increase in over two decades.

Amidst this, the billionaire-cum-hedge-fund-manager has hopes about finding success in the cryptocurrency market, emphasizing, “It’s hard to not to want to be long crypto because of the intellectual capital, just the sheer amount of intellectual capital that’s going into tat space.”

Tudor-Jones acknowledges the digital divide caused due to generation gap. “If you look at the smartest and the brightest minds that are coming out of colleges today, so many of them are going into crypto, so many of them are going into the internet 3.0.”

He spoke of crypto being a borderless internet where one has a blockchain as the verification code that allows any individual on the web an instant access to connectivity. “The blockchain verifies who they are and then that opens up just huge possibilities,” he added.

Tudor-Jones also warned that central banks and central governments would not appreciate if at all cryptocurrency becomes a medium of exchange. “That’s the number one thing holding it back…the fact that you are not going to get buy-ins from the governments because they lose the ability to control the creation and supply of money,” he states.

Jones also speaks about his modest allocation to crypto. He says that he has a trading position within the currency which goes from fully invested to zero; but as of now, he is modestly