Paul Tudor Jones II, a pioneer of the modern hedge fund industry, confirmed he has invested somewhere between 1% and 2% of his assets in bitcoin.

Speaking to CNBC in an interview on Monday, Jones expressed some concerns with bitcoin, but he still praised its potential.

“There’s very little trust in it [bitcoin],” he said. However, “we’re watching the birthing of a store of value, and whether that succeeds or not only time will tell.” 

Jones did not specify whether he invested in bitcoin futures or has custody of actual bitcoins. 

On Thursday, Jones made headlines by comparing bitcoin to gold during the 1970s. He has said his fund, BVI Global Fund, which manages $22 billion, could invest as much as “a low single-digit percentage exposure percentage” of its assets in bitcoin futures. 

Bitcoin investors are betting total users will reach “120 million or 200 million,” Jones told CNBC, with current estimates indicating between 55 and 70 million people own bitcoin.

With society’s continued digitization, the investor said it’s hard to look around and “not to think that the preponderance of evidence at this point in time doesn’t point in that direction.”