Legendary investor Paul Tudor Jones talks about bitcoin on CNBC's Squawk Box. Image: YouTube

Billionaire Paul Tudor Jones, who famously predicted 1987’s “Black Monday” stock market crash, said buying the leading crypto “has a lot of characteristics of being an early investor in a tech company…it’s like investing with Steve Jobs and Apple.”

In an interview with CNBC’s Squawk Box morning show, the legendary investor revealed that he holds a “small single-digit investment” in the asset, which he once described as “the fastest horse in the race.”

He believes bitcoin is an excellent hedge against inflation, which he expects to soar over the next few years due to excessive money printing in response to the economic impact of the Covid-19 crisis.

Bitcoin, Jones argues, is one of the best “inflation trades,” and he now prefers it to traditional choices such as gold, Treasury Inflation-Protected securities, copper, etc.

He added that he was impressed by the community developing around the digital asset: “Bitcoin has this enormous contingence of really, really smart and sophisticated people who believe in it. You’ve got this group crowdsourced from all over the world that’s dedicated to seeing it succeed. So, I like bitcoin even more now than I did [when I bought it in May].”

Jones’s comments excited the bulls on Twitter.

Tyler Winklevoss of the Gemini exchange commented: “Smartest people in the room continue to buy bitcoin and extol its virtues. I have yet to hear one intelligent argument not to own BTC. Still waiting.”

Meanwhile, in an interview with Hedgeye TV’s Keith McCullough, Michael Saylor, CEO of MicroStrategy, which recently shifted its $425-million corporate treasury into bitcoin, echoed Jones’ assertion that the crypto will be the best hedge when inflation soars: “”There are a group of people that I align with, the bitcoiners, that believe the true inflation rate is not CPI [Consumer Price Index] but rather the asset inflation… All your models are destroyed… Bitcoin goes to the moon.”

Since his pioneering corporate shift into bitcoin, Saylor has become recognized as an unofficial spokesman of the bitcoin community.

He recently described the digital asset as “a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.”

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