Billionaire hedge fund manager and longtime bitcoin trader Paul Tudor Jones says cryptocurrency is the best inflation hedge and that its rally is still in the “first inning.” This according to a recent CNBC article.

“I like bitcoin even more now than I did then,” he said in a recent CNBC interview, adding, “I think we are in the first inning of bitcoin and it’s got a long way to go.”

According to Jones, the unprecedented quantitative easing from the Fed is setting the stage for inflation, against which cryptocurrency can offer hedge protection. He also compared bitcoin investing to putting money behind big tech: “Bitcoin has this enormous contingence of really, really smart and sophisticated people who believe in it,” he said. “It’s like investing with Steve jobs and Apple or investing in Google early.”

The article reports that, as of mid-October, bitcoin had fully rebounded from its coronavirus-related lows in March, bolstered by news that PayPal would allow its users to buy, hold and sell cryptocurrencies.