A month ago, Paul Tudor Jones explained a decision to buy Bitcoin by telling clients that the best way to "maximize profits" is to "own the fastest horse".
Bitcoin isn't a horse. Investors aren't jockeys. And this isn't supposed to be a racetrack. Clients are partners, and they should be treated as such, not subjected to the vagaries of a digital token which, on any rational assessment, is inherently worthless. "I am not a hard-money nor a crypto nut", he promised.
As amusing as that is, the same caveat I employed on Monday while having a good-natured laugh at Stan Druckenmiller's expense applies to Jones. He's no joke. So, if he wants to invest in Bitcoin as a hedge against inflation, who am I to lampoon him? Nobody, I suppose. And yet, when the "low single-digit" exposure to Bitcoin he apparently took on in one of his funds ends up worthless, I hope he doesn't act surprised.
Fast forward four weeks from Jones's declaration (in the same market outlook piece quoted above) that "we are witnessing an unprecedented expansion of every form of money unlike anything the developed world has ever seen", and global equities have staged their own "unprecedented expansion".
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