There are no significant changes in the bitcoin chart yet. Although, the fact that the price remains in an uptrend and is hovering around its support line crossing the horizontal $37,500 level could be considered a good sign.However, it is not yet clear whether this is the calm before the storm or preparation for a technical recovery. However, if there is a bounce, then the nearest target is the midline of the channel, which could be crossed at $43,000 per coin.This week is being held in anticipation of the outcome of the Fed meeting, which probably accounts for the cautious behaviour of cryptocurrencies. Market participants expect a 0.5% interest rate hike as the central bank faces the difficult task of curbing inflation.Meanwhile, billionaire Paul Tudor Jones says that owning stocks and bonds might be a bad idea now. However, he still believes in cryptocurrency.In his interview on CNBC's Squawk Box show, he explained that he held Bitcoin and was optimistic about its prospects.He believes the cryptocurrency could have a "brilliant future" depending on the Fed's upcoming moves."We could easily be at 2.5% rates in September... the cost of owning crypto, gold, and other inflation hedges will be more significant; it'll be interesting to see if that's enough to quell inflation," he said.Paul Tudor Jones referred to inflation, which rose rapidly in the US during the 1970s. It first reached 5.5% then gradually rose to 14.4%, only to bounce back slightly in 1980.Jones says there were no assets that could generate any profits at the time. There were not even any gold assets. However, the situation has changed.The investor stressed that stocks and bonds are not worth holding these days. The only thing to aim for is to preserve one's capital by trying to lose as little as possible during a time of rising inflation.Paul Tudor Jones noted that we had probably entered another uncommon period when it was hardly possible to make money in the market.However, Jones admitted that he is still a "modest investor" in Bitcoin and believes that the current rate hike will provide a bright future for his cryptocurrency investments.He also added that "it is difficult not to want to be long on cryptocurrency", presumably referring to Bitcoin, as this market has seen an influx of intellectual capital.In October 2021, Paul Tudor Jones called Bitcoin a better hedge against inflation than gold, which has traditionally been used for that purpose.According to him, Bitcoin is winning the race against the precious metal as the economy moves heavily towards a digital world.Back in October last year, gold was down 7% year-to-date, while bitcoin was up 121% in the same time period, trading at $65,992. BTC/USD soon hit an all-time high of $67,600.Even earlier, in November 2020, Paul Tudor Jones announced that he had converted 2% of his fortune into bitcoin.In the last review we discussed the fact that bitcoin is an asset for a whole new generation of investors. It is difficult for a generation of legendary investors like Warren Buffett and his associates to understand.However, investor Paul Tudor Jones believes crypto could have a bright future because it is a space that attracts "the brightest minds".He said the value proposition of cryptocurrency as a limitless form of money was one of the reasons it was categorised as an asset class.Jones was one of the first Wall Street titans to publicly state that Bitcoin could have value as a protective asset against inflation back during the COVID-19 crisis.The billionaire explained why the digital asset industry can grow in his view, focusing on the people who are attracted to this space."If you look at the smartest and brightest minds that are coming out of colleges today, so many of them are going into crypto. So many of them are going into the Internet 3.0," he said. "It's hard not to want to be long crypto because of the intellectual capital."Jones also said that he sees a "generational divide" between older people and digital natives concerning crypto and Web3, suggesting that those more adept with technology are more likely to thrive in the crypto world.The only thing holding back the crypto industry right now is resistance from governments and central banks. Jones said that centralised authorities are probably averse to digital assets because they allow unlimited exchange of value and therefore undermine the power of public money.
