Tudor Jones likes bitcoin, calls it a great portfolio diversifier to protect his wealth over time

Published Mon, Jun 14 20218:57 AM EDTUpdated Mon, Jun 14 202110:05 AM EDT

Paul Tudor Jones said Monday that bitcoin is a great way to protect his wealth over the long run and is part of his portfolio just like gold. "I like bitcoin as a portfolio diversifier. Everybody asks me what should I do with my bitcoin? The only thing I know for certain, I want 5% in gold, 5% in bitcoin, 5% in cash, 5% in commodities. At this point in time, I don't know what I want to do with the other 80% until I see what the Fed is going to do," Jones said on CNBC's " Squawk Box ." "For me, it's just a way of kind of foundationally looking at how do I protect my wealth. Over time it's a great diversifier. Again, I look at bitcoin as a story of wealth," Jones added. "I look at crypto as a story of wealth. Others will argue this is a different ecosystem. It's transactional in nature." The legendary investors made the comment on bitcoin as the world's largest cryptocurrency surged nearly 10% after Elon Musk said Tesla could accept bitcoin transactions again in future. Bitcoin last traded above $40,000 apiece after Jones' comments. Bitcoin has surged more than 30% this year, though it has experienced wild swings. It hit an all-time high of $64,829.14 in April and hit a low near $30,000 in May following a 30% intraday crash. "Bitcoin is math. And math has been around for thousands of years and two plus two is going to equal four and it will for the next 2,000 years I like the idea of investing in something that's reliable, consistent, honest and 100% certain," Jones said. "So, bitcoin has appealed to me because it's a way for me to invest in certainty." Still, the founder of Tudor Investment Corporation and Robin Hood Foundation said he's clearly concerned about the environmental impacts that bitcoin has. The Chinese and Iran governments are cracking down digital currency mining in part due to the energy intensive activity. "If I was king of the world I'd ban bitcoin mining just because of the environmental impact and make the ecosystem figure out a way to do it without expanding supply anymore at a