{"id":76731,"date":"2026-04-29T09:00:30","date_gmt":"2026-04-29T02:00:30","guid":{"rendered":"https:\/\/hbbgroup.net\/paul-tudor-jones-calls-bitcoin-the-best-inflation-hedge-warns-of-overvalued-stocks\/"},"modified":"2026-04-29T09:44:04","modified_gmt":"2026-04-29T02:44:04","slug":"paul-tudor-jones-calls-bitcoin-the-best-inflation-hedge-warns-of-overvalued-stocks","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/paul-tudor-jones-calls-bitcoin-the-best-inflation-hedge-warns-of-overvalued-stocks\/","title":{"rendered":"Paul Tudor Jones g\u1ecdi Bitcoin l\u00e0 \u201cc\u00f4ng c\u1ee5 ph\u00f2ng h\u1ed9 l\u1ea1m ph\u00e1t t\u1ed1t nh\u1ea5t,\u201d \u0111\u1ed3ng th\u1eddi c\u1ea3nh b\u00e1o c\u1ed5 phi\u1ebfu \u0111ang b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao"},"content":{"rendered":"<div data-module-name=\"article-header\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<h4>Paul Tudor Jones g\u1ecdi Bitcoin l\u00e0 \u201cc\u00f4ng c\u1ee5 ph\u00f2ng h\u1ed9 l\u1ea1m ph\u00e1t t\u1ed1t nh\u1ea5t,\u201d \u0111\u1ed3ng th\u1eddi c\u1ea3nh b\u00e1o c\u1ed5 phi\u1ebfu \u0111ang b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao<\/h4>\n<h4>\u201cVi\u1ec7c ki\u1ebfm ti\u1ec1n t\u1eeb c\u1ed5 phi\u1ebfu trong th\u1eadp k\u1ef7 t\u1edbi s\u1ebd \u2018r\u1ea5t kh\u00f3 kh\u0103n\u2019,\u201d nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ef7 ph\u00fa n\u00e0y nh\u1eadn \u0111\u1ecbnh, cho r\u1eb1ng \u0111\u1ecbnh gi\u00e1 c\u1ee7a S&amp;P 500 khi\u1ebfn \u00f4ng li\u00ean t\u01b0\u1edfng \u0111\u1ebfn bong b\u00f3ng dot-com n\u0103m 2000.<\/h4>\n<p>28\/04\/2026, 19:56<\/p>\n<p><a href=\"https:\/\/www.google.com\/preferences\/source?q=coindesk.com\" target=\"_blank\" rel=\"noopener\">Make preferred on <\/a><\/p>\n<\/div>\n<div data-module-name=\"article-body\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p>Nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ef7 ph\u00fa Paul Tudor Jones cho r\u1eb1ng Bitcoin l\u00e0 c\u00f4ng c\u1ee5 ph\u00f2ng h\u1ed9 l\u1ea1m ph\u00e1t m\u1ea1nh nh\u1ea5t, nh\u1ea5n m\u1ea1nh ngu\u1ed3n cung c\u1ed1 \u0111\u1ecbnh l\u00e0 l\u1ee3i th\u1ebf then ch\u1ed1t so v\u1edbi c\u00e1c t\u00e0i s\u1ea3n truy\u1ec1n th\u1ed1ng nh\u01b0 v\u00e0ng.<\/p>\n<p>\u201cBitcoin r\u00f5 r\u00e0ng l\u00e0 c\u00f4ng c\u1ee5 hedge l\u1ea1m ph\u00e1t t\u1ed1t nh\u1ea5t \u2014 v\u01b0\u1ee3t c\u1ea3 v\u00e0ng,\u201d Jones chia s\u1ebb trong m\u1ed9t cu\u1ed9c ph\u1ecfng v\u1ea5n v\u1edbi Invest Like the Best. \u00d4ng ch\u1ec9 ra r\u1eb1ng t\u1ed5ng cung c\u1ee7a Bitcoin b\u1ecb gi\u1edbi h\u1ea1n, trong khi v\u00e0ng v\u1eabn ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c khai th\u00e1c m\u1ed7i n\u0103m, khi\u1ebfn BTC khan hi\u1ebfm h\u01a1n theo thi\u1ebft k\u1ebf.<\/p>\n<p>Jones l\u00fd gi\u1ea3i s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a Bitcoin th\u00f4ng qua c\u00e1c chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng tr\u01b0\u1edbc \u0111\u00e2y. Trong c\u00e1c giai \u0111o\u1ea1n n\u1edbi l\u1ecfng ti\u1ec1n t\u1ec7 v\u00e0 t\u00e0i kh\u00f3a m\u1ea1nh \u2014 nh\u01b0 sau c\u00fa s\u1eadp do \u0111\u1ea1i d\u1ecbch th\u00e1ng 3\/2020 \u2014 c\u00e1c \u201cinflation trade\u201d th\u01b0\u1eddng b\u00f9ng n\u1ed5 khi ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng b\u01a1m thanh kho\u1ea3n v\u00e0o h\u1ec7 th\u1ed1ng.<\/p>\n<p>\u201cKhi b\u1ea1n th\u1ea5y t\u1ea5t c\u1ea3 nh\u1eefng can thi\u1ec7p \u0111\u00f3\u2026 b\u1ea1n bi\u1ebft r\u1eb1ng c\u00e1c giao d\u1ecbch theo l\u1ea1m ph\u00e1t s\u1ebd b\u00f9ng n\u1ed5,\u201d \u00f4ng n\u00f3i, \u0111\u1ed3ng th\u1eddi cho r\u1eb1ng Bitcoin l\u00e0 c\u01a1 h\u1ed9i h\u1ea5p d\u1eabn nh\u1ea5t v\u00e0o th\u1eddi \u0111i\u1ec3m \u0111\u00f3.<\/p>\n<p>Quan \u0111i\u1ec3m bullish v\u1edbi Bitcoin c\u1ee7a \u00f4ng tr\u00e1i ng\u01b0\u1ee3c v\u1edbi g\u00f3c nh\u00ecn th\u1eadn tr\u1ecdng \u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu. Jones c\u1ea3nh b\u00e1o th\u1ecb tr\u01b0\u1eddng equities \u0111ang b\u1ecb k\u00e9o c\u0103ng \u0111\u1ecbnh gi\u00e1, v\u1edbi c\u00e1c m\u1ee9c historically cho th\u1ea5y l\u1ee3i su\u1ea5t t\u01b0\u01a1ng lai y\u1ebfu.<\/p>\n<p>\u00d4ng c\u0169ng l\u01b0u \u00fd l\u00e0n s\u00f3ng IPO s\u1eafp t\u1edbi \u2014 nh\u01b0 SpaceX v\u00e0 c\u00e1c c\u00f4ng ty AI nh\u01b0 OpenAI, Anthropic \u2014 c\u00f9ng v\u1edbi vi\u1ec7c gi\u1ea3m ho\u1ea1t \u0111\u1ed9ng mua l\u1ea1i c\u1ed5 phi\u1ebfu (share buybacks) c\u00f3 th\u1ec3 l\u00e0m t\u0103ng ngu\u1ed3n cung c\u1ed5 phi\u1ebfu, t\u1ea1o th\u00eam \u00e1p l\u1ef1c l\u00ean gi\u00e1.<\/p>\n<p>\u201cN\u1ebfu b\u1ea1n mua S&amp;P 500 \u1edf m\u1ee9c \u0111\u1ecbnh gi\u00e1 hi\u1ec7n t\u1ea1i, l\u1ee3i su\u1ea5t k\u1ef3 v\u1ecdng 10 n\u0103m s\u1ebd l\u00e0 \u00e2m,\u201d \u00f4ng n\u00f3i. \u201cS\u1ebd r\u1ea5t kh\u00f3 \u0111\u1ec3 ki\u1ebfm ti\u1ec1n t\u1eeb \u0111\u00e2y.\u201d<\/p>\n<p>D\u00f9 kh\u00f4ng g\u1ecdi th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i l\u00e0 bong b\u00f3ng ho\u00e0n to\u00e0n, Jones cho bi\u1ebft t\u1ef7 l\u1ec7 v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n M\u1ef9 so v\u1edbi GDP v\u1eabn \u0111ang \u1edf g\u1ea7n m\u1ee9c c\u1ef1c \u0111oan trong l\u1ecbch s\u1eed, t\u01b0\u01a1ng t\u1ef1 c\u00e1c giai \u0111o\u1ea1n tr\u01b0\u1edbc nh\u1eefng c\u00fa s\u1ee5t gi\u1ea3m l\u1edbn nh\u01b0 bong b\u00f3ng dot-com.<\/p>\n<p>\u201cN\u0103m 1929, ch\u00fang ta \u1edf kho\u1ea3ng 65% (market cap\/GDP), n\u0103m 1987 kho\u1ea3ng 85%\u201390%, n\u0103m 2000 l\u00e0 270%,\u201d \u00f4ng n\u00f3i.<\/p>\n<p>\u201cC\u00f2n hi\u1ec7n t\u1ea1i l\u00e0 kho\u1ea3ng 252%, b\u1ea1n c\u00f3 th\u1ec3 h\u00ecnh dung \u0111\u01b0\u1ee3c r\u1ed3i \u2014 ch\u00fang ta \u0111ang leverage qu\u00e1 m\u1ee9c v\u00e0o c\u1ed5 phi\u1ebfu.\u201d<\/p>\n<p>Theo Jones, m\u1ed9t \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh l\u1edbn c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u00f3 th\u1ec3 k\u00e9o theo h\u1ec7 qu\u1ea3 lan r\u1ed9ng \u0111\u1ebfn n\u1ec1n kinh t\u1ebf, th\u00e2m h\u1ee5t ng\u00e2n s\u00e1ch v\u00e0 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu.<\/p>\n<p>\u201c10% ngu\u1ed3n thu thu\u1ebf c\u1ee7a ch\u00fang ta \u0111\u1ebfn t\u1eeb capital gains. N\u1ebfu th\u1ecb tr\u01b0\u1eddng gi\u1ea3m, con s\u1ed1 \u0111\u00f3 v\u1ec1 0,\u201d \u00f4ng n\u00f3i. \u201cB\u1ea1n s\u1ebd th\u1ea5y th\u00e2m h\u1ee5t ng\u00e2n s\u00e1ch t\u0103ng v\u1ecdt, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu b\u1ecb b\u00e1n th\u00e1o.\u201d<\/p>\n<p>\u201c\u0110\u00f3 l\u00e0 m\u1ed9t hi\u1ec7u \u1ee9ng ti\u00eau c\u1ef1c t\u1ef1 c\u1ee7ng c\u1ed1 l\u1eabn nhau\u2026 v\u00e0 \u0111i\u1ec1u \u0111\u00f3 th\u1ef1c s\u1ef1 \u0111\u00e1ng lo ng\u1ea1i.\u201d<\/p>\n<\/div>\n<div data-module-name=\"read-next\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<figure><img fetchpriority=\"high\" decoding=\"async\" src=\"http:\/\/www.coindesk.com\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F444f7a787b146a0e468e858e32f1f9d80f6c9c32-3600x2400.jpg%3Fauto%3Dformat&amp;w=3840&amp;q=75\" alt=\"Robinhood website (PiggyBank\/ Unsplash\/ Modified by CoinDesk)\" width=\"1920\" height=\"1080\" data-nimg=\"1\" \/><\/figure>\n<p>Trong khi doanh thu t\u1eeb m\u1ea3ng crypto c\u1ee7a Robinhood lao d\u1ed1c 47% xu\u1ed1ng c\u00f2n 134 tri\u1ec7u USD, s\u1ef1 b\u00f9ng n\u1ed5 k\u1ef7 l\u1ee5c c\u1ee7a ho\u1ea1t \u0111\u1ed9ng \u0111\u1eb7t c\u01b0\u1ee3c tr\u00ean prediction market \u0111\u00e3 gi\u00fap t\u1ed5ng doanh thu t\u0103ng 15% l\u00ean 1,07 t\u1ef7 USD.<\/p>\n<h2><strong>Nh\u1eefng \u0111i\u1ec1u c\u1ea7n bi\u1ebft:<\/strong><\/h2>\n<ul>\n<li>Robinhood kh\u00f4ng \u0111\u1ea1t k\u1ef3 v\u1ecdng v\u1ec1 t\u1ed5ng doanh thu v\u00e0 EPS \u0111i\u1ec1u ch\u1ec9nh trong qu\u00fd I\/2026 do s\u1ef1 s\u1ee5t gi\u1ea3m c\u1ee7a m\u1ea3ng giao d\u1ecbch crypto.<\/li>\n<li>Doanh thu li\u00ean quan \u0111\u1ebfn crypto gi\u1ea3m 47% xu\u1ed1ng c\u00f2n 134 tri\u1ec7u USD khi ho\u1ea1t \u0111\u1ed9ng c\u1ee7a ng\u01b0\u1eddi d\u00f9ng chuy\u1ec3n d\u1ecbch sang c\u00e1c s\u1ea3n ph\u1ea9m kh\u00e1c, bao g\u1ed3m s\u1ef1 b\u00f9ng n\u1ed5 c\u1ee7a event contracts, gi\u00fap doanh thu d\u1ef1a tr\u00ean giao d\u1ecbch t\u0103ng l\u00ean 623 tri\u1ec7u USD.<\/li>\n<li>C\u00f4ng ty\u2026<\/li>\n<\/ul>\n<p><a href=\"http:\/\/www.coindesk.com\/markets\/2026\/04\/28\/robinhood-stock-shrugs-off-a-47-crash-in-crypto-revenue-thanks-to-a-massive-surge-in-event-betting\">Read full story<\/a><\/p>\n<p><em>(\u0110\u1ecdc chi ti\u1ebft t\u1ea1i \u0111\u00e2y)<\/em><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Paul Tudor Jones g\u1ecdi Bitcoin l\u00e0 \u201cc\u00f4ng c\u1ee5 ph\u00f2ng h\u1ed9 l\u1ea1m ph\u00e1t t\u1ed1t nh\u1ea5t,\u201d \u0111\u1ed3ng th\u1eddi c\u1ea3nh b\u00e1o c\u1ed5 phi\u1ebfu [&hellip;]<\/p>","protected":false},"author":5,"featured_media":76732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[220],"tags":[],"class_list":["post-76731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tien-dien-tu"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/76731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/comments?post=76731"}],"version-history":[{"count":1,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/76731\/revisions"}],"predecessor-version":[{"id":76896,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/76731\/revisions\/76896"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media\/76732"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media?parent=76731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/categories?post=76731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/tags?post=76731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}