Legendary American billionaire hedge fund manager Paul Tudor Jones is backing the cryptocurrency industry to succeed in the long-term despite growing macroeconomic tensions. In a Tuesday CNBC appearance, Jones, who has an estimated net worth of $7.3 billion, revealed that is “modestly” invested in the crypto space and shared his reasons.

According to the legendary investor, there is an ongoing ‘generational and digital divide’ with older investors currently scrambling to let go of the old and increase their knowledge and exposure of emerging technologies like cryptocurrencies. Meanwhile, younger investors and immense intellectual capital are going into the crypto space to build a “borderless internet 3.0”

“It’s hard not to want to be long on crypto because of the intellectual capital that’s going into that space,” Jones told CNBC.

He further shared why the cryptocurrency industry is poised to grow in the long-term and why central banks and governments are not fans.  Cryptocurrencies, according to Jones, open up “huge possibilities by enabling a world where anyone on the “internet can instantly connect because the blockchain verifies who they are.” He added,

Clearly central banks and central governments are not going to necessarily be huge fans, particularly when it comes to using crypto as a medium of exchange. That’s the number one thing holding it back. Governments lose their ability to control the creation and supply of money.

Despite the hurdles, Jones believes that the world is becoming increasingly deglobalized and reversed. This makes the ‘borderless internet and having a store of value different from traditional fiat currencies more attractive,’ he said.

Paul Tudor Jones Crypto Allocation

Although the legendary investor did not disclose the exact cryptocurrencies he owns, he revealed that he has a modest allocation to the industry.

I’ve got my modest allocation to crypto. I have a trading position [on top of that] that goes from fully invested to zero. Right now I’m modestly invested and I would think that it’s going to have a bright future as we roll through these rate hikes,” Paul Tudor Jones.

Notably, this is not the first time the hedge billionaire has shown his optimism about the future of cryptocurrencies. Back in October 2020, he reported being bullish on Bitcoin en-route to what turned out to be a historic price performance period for BTC and the broader crypto market.

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