American billionaire hedge fund manager Tudor Jones expresses his delight at diversifying his portfolio by investing in bitcoin. As a result, he became one of the latest prominent portfolio managers after Dalio gave his open support for Bitcoin as a credible investment tool in May.

In an interview with CNBC, Tudor Jones characterised Bitcoin as an interesting investment tool, saying:

“Bitcoin is math, and math has been around for thousands of years. I like the idea of investing in something that is reliable, consistent, honest, and 100% certain. BTC has appealed to me because it is a way to invest in certainty. I like Bitcoin as a portfolio diversifier. The only thing I know for certain, I want 5% in gold, 5% in BTC, 5% in cash, 5% in commodities.”

Paul Tudor Jones founded Tudor Investment Corporation in the nineties and, as of June 2019, manages at least $7.8 billion comprising broad and diverse global macro trading, fundamental equity investing in the U.S. and Europe, emerging markets, venture capital, commodities, event-driven strategies, and technical trading systems. According to Forbes latest global billionaire rankings, Tudor Jones is worth at least 7 billion, ranking the 369th richest man in 2021.

The hedge fund manager’s support for Bitcoin comes after Ray Dalio, the world’s largest hedge fund manager disclosed that he owns some bitcoins in May, expressing fears regarding the US dollars and the imminent devaluation of the global reserve currency looming around the corner. Dalio had said that

“The U.S. dollar is on the verge of devaluation on a level last seen in 1971 and that China is threatening the greenback’s role as the world’s reserve currency. In such an environment, bitcoin, with its gold-like properties, looks increasingly attractive as a savings vehicle.”

Saying he’d “rather have bitcoin than a bond”, he still put out a caveat that digital currencies would not succeed the way most people think they would. On a slightly but similar pessimistic note, Tudor Jones shares his views on BTC mining and its environmental impact. Speaking tough, Jones said

“I am concerned about BTC mining because of its environmental impact. If I was king of the world, I would ban Bitcoin just because of the environmental issues and then just make the ecosystem figure out different ways to do BTC mining without expanding supply anymore. That’s what I would do.”

This is coming against the backdrop of Elon Musk criticising Bitcoin, not only citing that its mining is centralised but that the king crypto’s mining operations are antithetic to the beliefs of Tesla in going green. However, Musk just a few days back shared that Tesla will resume the BTC as a payment option as soon as up to 50 per cent of Bitcoin’s mining energy comes from renewable sources.

After several weeks of bearish stints, Bitcoin jumped by more than 10 per cent within a single day to smash above the $30K region into $40K.

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