Paul Tudor Jones says there’s huge intellectual capital in crypto

Blockonomics
Paul Tudor Jones says there's huge intellectual capital in crypto
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Crypto is attracting the best talent in the world today, Paul Tudor Jones told CNBC on Tuesday.

This includes “the brightest and brightest minds” fresh out of college and into Web3.

The billionaire investor also touched on why central banks and governments are not “big fans” of cryptocurrencies.

Billionaire hedge fund manager and Tudor Investment Corp. founder Paul Tudor Jones has reiterated his bullish outlook for cryptocurrencies, pointing to the influx of intellectual capital into the industry.

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Investors believe that the crypto and Web3 space is currently attracting most of the young, bright and “the brightest minds”, a situation that makes it difficult for crypto to “not grow long.”

Jones made the comments in an interview with CNBC’s Squawk Box on Tuesday.

Encryption and Web3 attract most talent

According to Paul Tudor Jones, the future of cryptocurrencies looks bright, just look at the number of intellectuals entering the field. Specifically, he thinks this is clear because most of these smart people are fresh out of college.

“If you look at the brightest, brightest people coming out of college today, a lot of them are going into crypto. A lot of them are going into Internet 3.0,” he noted.

On what this means for the future prospects of space development, he believes:

“It’s hard not to want to do long cryptocurrencies because of intellectual capital, just the sheer amount of intellectual capital coming into the space.”

Central banks are not ‘big fans’ of cryptocurrencies

Jones’ comments also included his views on blockchain and how it can support an environment that provides borderless value transfers. According to him, blockchain opens up huge possibilities, including the use of cryptocurrencies as a medium of exchange.

“It’s clear that central banks and governments are not going to be big fans of this,” he said.

According to him, the use of cryptocurrencies means that central banks and governments will lose control over the creation and supply of money. The negative outlook for these entities is currently a major stumbling block to mass cryptocurrency adoption, he said.

Despite being influenced by central banks and governments, Jones sees a bright future for blockchain technology and cryptocurrencies.

Bright future for cryptocurrencies even as higher interest rates are on the horizon

Jones, who first revealed his bitcoin holdings in 2020, told CNBC’s Choknan that his investments include a “moderate allocation” to the cryptocurrency.

On top of that, he holds a trading position. He also shared his views on the future of cryptocurrencies in general, noting that he remains bullish even as the market moves in the direction of higher interest rates in the face of Fed tightening.

He believes that by September, the market could easily see rates of 2.5 percent, with the result that the cost of owning cryptocurrencies and inflation hedges like gold has risen sharply.

“It will be interesting to see if this is enough to quell inflation. If not, they will go higher again, or if the Fed can’t do that, our inflation will go higher again,” he added.

The Fed raised interest rates by 25 basis points in March and will raise it by another 50 basis points. Cryptocurrencies have traded lower along with stocks for much of 2022 amid concerns over rising interest rates, inflation and geopolitical turmoil.



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