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Paul Tudor Jones says Bitcoin is ‘like investing early in Apple or Google’



Famed Wall Street investor and billionaire Paul Tudor Jones said that he “likes Bitcoin even more than I did then,” referring to his initial investment announced in May 2020.

Jones praised Bitcoin on CNBC’s Squawk Box morning show, revealing that he holds a “small single-digit investment” in the asset.

His investment thesis remains unchanged — Bitcoin is an excellent hedge against inflation, which is expected to ramp up in the next few years due to central bank intervention. Unprecedented amounts of quantitative easing and balance sheet expansion, in addition to more aggressive commitment to inflation by the Fed, resulted in heightened inflation expectations.

Bitcoin, according to Jones, is one of the best “inflation trades” compared to traditional options like gold, Treasury Inflation-Protected securities, copper and other more complex strategies.

“Bitcoin has this enormous contingence of really, really smart and sophisticated people who believe in it,” Jones added. “It’s like investing with Steve Jobs and Apple or investing in Google early.”

Paul Tudor Jones is an industry veteran, first rising to fame for correctly predicting the 1987 stock market crash, known as Black Monday. Following his earlier statements, the Bitcoin community buzzed with excitement due to the endorsement. Some predicted that Jones would soon become the largest Bitcoin holder.

Some see Jones’s endorsement as a potential icebreaker for more institutional investors, who may feel more confident investing in the asset class after familiar names have already made the leap.

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CME overtakes OKEx as largest Bitcoin futures market




CME Group has become the world’s largest Bitcoin (BTC) futures market following a surge in open interest over the past month, industry data shows. 

In a Friday tweet, Arcane Research announced that CME had overtaken OKEx as the world’s largest Bitcoin futures market. Citing data from Skew, a market intelligence firm, Arcane said open interest in CME’s Bitcoin futures contract has reached $1.16 billion. OKEx, meanwhile, registered $1.07 billion.

“Institutional investors are here,” Arcane said.

CME’s Bitcoin futures market has more than doubled over the past month, with more traders seeking exposure to the flagship cryptocurrency as it surged to near all-time highs. Future trading can sometimes invoke heavy volatility, especially as expiry nears, as contract holders adjust their positions before that date.

Its November futures contract, BTCX20, expires on Friday.

Cryptocurrency exchanges Binance and Huobi have also emerged as major futures players. Based on open interest, they are the third and fourth largest BTC futures platforms, respectively.

Bybit, which also appeared on Arcane’s list, announced earlier this week that it will soon launch a quarterly Bitcoin futures contract.

The futures market is an important bellwether for Bitcoin adoption because it means traditional investors are getting into the mix. Whereas the 2017 bull market was driven largely by retail traders, the current uptrend has been fueled by deeper institutional pockets.

CME, in particular, is becoming vital to Bitcoin price discovery, according to investment manager Wilshire Phoenix.

CME’s significance is “not only demonstrated through trading volume and open interest,” Wilshire said, “but also by influence on spot price formation.

The Bitcoin price is currently consolidating in the $16,500 range following a heavy Thanksgiving day selloff.