In fact, he called it the “best inflation trade” out there.
“I think we are in the first inning of bitcoin and it’s got a long way to go,” said Jones, who first revealed his bitcoin stake in May. “I like bitcoin even more now than I did then. Bitcoin has this enormous contingence of really, really smart and sophisticated people who believe in it.”
Furthermore, the Federal Reserve is giving the cryptocurrency a nice tailwind, he said, with unprecedented quantitative easing that’s setting the stage for inflation.
Gold /zigman2/quotes/201432642/composite GOLD +0.18% , copper /zigman2/quotes/210054311/delayed HG00 +0.98% and the long end of the yield curve are the more traditional inflation options, but they won’t keep up with bitcoin, according to Jones, who has lofty expectations for returns along the lines of Google /zigman2/quotes/205453964/composite GOOG +0.14% and Apple /zigman2/quotes/202934861/composite AAPL +0.75% .
Watch the interview:
Meanwhile, bitcoin just keeps charging ahead, breaking through $13,000 to hit its highest level in several years on Thursday. Stocks were also on the rise, with the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.58% , Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +0.48% and S&P 500 /zigman2/quotes/210599714/realtime SPX -0.16% all gaining ground.