Bitcoin Markets Are Growing Up. Bitcoin Mining Is, Too.

When Paul Tudor Jones says he’s long bitcoin, investors pay attention. Even if they don’t agree with his stance, he’s a well-known hedge fund investor, one of the great commodity inventors of all time, an iconic name in the “smart money” set. Most investors tend to follow the “smart money” – perhaps not right away, but the external validation from someone paid to be skeptical of hype will most likely act as a trigger for many. On the whole, investors tend to move as a herd.

Even more interesting are the reasons given: according to reports, he is buying bitcoin “as a hedge.” This is very different from funds speculating on bitcoin’s price going up. This is a hedge position, which is more fundamental and long-term. 

You’re reading Crypto Long & Short, a newsletter that looks closely at the forces driving cryptocurrency markets. Authored by CoinDesk’s head of research, Noelle Acheson, it goes out every Sunday and offers a recap of the week – with insights and…