CNBC Video https://www.cnbc.com/2020/10/22/-pa...more-now-rally-still-in-the-first-inning.html PUBLISHED THU, OCT 22 20208:57 AM EDTUPDATED 3 HOURS AGO Yun Li@YUNLI626 KEY POINTS Paul Tudor Jones said bitcoin’s rally is just in the “first inning” and the cryptocurrency is the best inflation hedge. The longtime trader believes the unprecedented quantitative easing from the Federal Reserve is setting the stage for inflation to make a grand comeback. Bitcoin has fully rebounded from its coronavirus lows in March. The digital coin on Thursday hit its highest level since January 2018 to trade at around $12,900. WATCH NOW VIDEO01:53 Paul Tudor Jones on bitcoin: It’s like investing early in a tech company Billionaire hedge fund manager Paul Tudor Jones has turned more bullish on bitcoin, calling it the best inflation hedge. “I like bitcoin even more now than I did then. I think we are in the first inning of bitcoin and it’s got a long way to go,” Jones said on CNBC’s “Squawk Box” on Thursday. He first revealed his bitcoin investment in May and he said Thursday he holds a “small single-digit investment” in the cryptocurrency. The longtime trader believes the unprecedented quantitative easing from the Federal Reserve is setting the stage for inflation to make a grand comeback. “The reason I recommended bitcoin is because it was one of the menu of inflation trades, like gold, like TIPS breakevens, like copper, like being long yield curve and I came to the conclusion that bitcoin was going to be the best inflation trade,” Jones said. Bitcoin has fully rebounded from its coronavirus lows in March. The digital coin on Thursday hit its highest level since January 2018 to trade at around $12,900. The strength this week largely came from the news that PayPal will allow its users to buy, hold and sell cryptocurrencies. The founder and chief investment officer of Tudor Investment Corporation also compared investing in bitcoin to putting money behind some of the biggest tech companies like Apple and Google. “Bitcoin has this enormous contingence of really, really smart and sophisticated people who believe in it,” Jones said. “It’s like investing with Steve Jobs and Apple or investing in Google early.” Jones shot to fame after he predicted and profited from the 1987 stock-market crash. He is also the chairman of non-profit JUST Capital, which ranks public U.S. companies based on social and environmental metrics.
Bitcoin is a peer to peer digital payments pure play and I'm in. Holding some SQ and PYPL too just in case. I like some of the rest of the crypto space but most of it will probably go to zero and BTC seems to be the reserve since it's share went up proportionally in the last big dump framing it as the crypto equivalent of "flight to safety". After witnessing the growth of WeChat pay in China over the last 10 years, I'm a believer in digital payments and will be in for the foreseeable future.
Bitcoin is a p2p decentralized cryptocurrency but it's also a Store of Value, cryptographic highly speculative digital investment asset. It's an asset class that has been described as digital gold. I don't think Paul Tudor Jones is investing 5% of his net worth in bitcoin (futures) in the hopes he can use bitcoin in the future to buy a big mac value meal and as he said in the video, he's using bitcoin as a hedge. I also invested in bitcoin as a digital asset and taking the risk of the downside but hoping to reap the rewards of the upside.
Just wait until quantum computers are a little more mainstream/refined and BTC will be hacked like no tomorrow.
There are already quantum resistant block chains. If BTC got cryptographically broken, the users could just take a snapshot dated right before the incident and hard fork to something based on one of the quantum resistant alternatives. I'd say you can count on it. Not to mention if quantum computers get powerful enough to break secp256k1 with the ECDSA algorithm then all bets are off and it doesn't matter anyway cuz we're all f*#ked for much more important reasons than losing money on crypto.
I'm fine with that, because just wait for probably every token to upgrade before this even happens. The creators are not stupid and are well aware of this and can upgrade tokens or switch them on a different blockchain at any time. Have fun trying to hack our blockchain!
As usual, when the market moves massively (on 21 Oct 20), someone will talk about it. Soon, someone will say BTC will reach 20000, 100000, 1000000, or beyond. Anyway, I don't read such news. Just focus on the charts and that should suffice.