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Paul Tudor Jones Bullish On Bitcoin and Gold, Sounds Alarm On The US Fiscal Position

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Jones Tudor loves Bitcoin and gold
Jones Tudor loves Bitcoin and gold

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Billionaire hedge fund manager Paul Tudor Jones has revealed that he is extremely bullish on Bitcoin (BTC) and gold.

Speaking on CNBC’s Squawk Box on Tuesday, Jones opined that he loves “Bitcoin and gold,” continuing the bullish stance on the two assets that he stated in May 2020. At the time, the billionaire investor reckoned that he had allocated 1-2% of his portfolio to crypto.

He went on to say that the geopolitical environment in the United States is currently highly unfavorable, making it a daunting task to own stocks. Describing the present political environment as “the most threatening” amid concerns about Hamas’s attack on Israel, he said the US fiscal policy is in a precarious situation with the need to control inflation and support economic growth apparent. According to Jones, the country’s fiscal position is at its weakest since World War II.

“As interest costs go up in the United States,” Jones stated, “you get in this vicious circle, where higher interest rates cause higher funding costs, cause higher debt issuance, which cause further bond liquidation, which cause higher rates, which put us in an untenable fiscal position.”

In June 2021, Jones mulled increasing his investment in Bitcoin to account for 5% of his assets, CoinDesk reported.

In May, the hedge fund manager appeared to have changed his tune on Bitcoin and the crypto market when he reckoned that “Bitcoin has a real problem because, in the United States, you have the entire regulatory apparatus against it.”

Although the regulatory environment in the US has not changed, Jones’s latest statements foresee a future where Bitcoin and gold rise above inflation to lead the financial revolution.

Recession Coming to the US in 2024: Jones

Jones added during the interview that the economic situation in the US will take a turn for the worse “if Iran and Israel get into direct conflict because then you can have kind of a First World War cascade, where everyone gets involved.”

The billionaire foreshadowed that a recession could start in the US in 2024, and the only way to avoid it would be by finding one trillion dollars in savings. He warned that more drastic actions would need to be taken, including higher taxes on most people in the US, reducing government spending, changing social security, not to mention enacting limits on Medicare and Medicaid.

“The bond market, simply through supply and demand, is going to deliver more rate hikes because we don’t have a clearing price yet for long-term debt,” Jones said. “So those rate hikes will probably tip us into recession.”

The Federal Reserve kept interest rates unchanged in September after most members of the Federal Open Market Committee (FOMC) agreed that inflation would continue trending downward. However, in his remarks, Jerome Powell said there is a possibility of another rate hike before the end of 2023.

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