Billionaire investor Paul Tudor Jones says China is on a 'slow boat to the South Pole' after its crypto crackdown as digital assets are here to stay
Kevin Mazur/Getty Images/Robin Hood
Paul Tudor Jonestold CNBC that SEC approval of the bitcoin-linked ETF will keep the US economy on top.
- The billionaire investor said
China, on the other hand, is on a "slow boat to the South Pole."
Meanwhile, China, which has ramped up its crackdown on digital assets this year, is losing steam, he said.
"That place is on economically a slow boat to the South Pole," Jones, the founder and chief investment officer of Tudor Investment Corporation, told CNBC's Squawk Box Wednesday. "As long as the US can continue to unchain entrepreneurs, we're always going to be in the dominant position."
Jones said the US Securities and Exchange Commission's approval of the ProShares Bitcoin Strategy ETF, which invests in bitcoin futures contracts, should give investors "great comfort."
"We unleash our individual entrepreneurialism and creativity," Jones said on CNBC. "You're seeing China do the exact opposite."
China has long been working to rein in the burgeoning market for digital assets. In September, the country took its most aggressive action so far by banning all cryptocurrency-related transactions, causing
AdvertisementBut prices have since recovered, with bitcoin breaching its all-time high $65,000 mark Wednesday as investors cheered the bitcoin-linked ETF approval. The currency traded as high as $66,104 at 10:04 a.m. in New York, CoinMarketCap data show. The ProShares ETF, which trades under the ticker BITO, has increased 8% since its launch on Tuesday.
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