Billionaire Paul Tudor Jones is bullish on gold and Bitcoin. The hedge fund manager said in an interview with CNBC that he is under-holding in commodities.
Paul Tudor Jones says he has long been a fan of the precious metal gold and the digital asset Bitcoin (BTC), as inflationary pressures are expected to continue after the US presidential election and after November's vote.
The billionaire hedge fund manager discussed his investment strategy in an interview with CNBC's Andrew Ross Sorkin on October 22nd. Jones, founder and chief investment officer of Tudor Investments, told Sorkin that his trading strategy is long gold and long bitcoin.
“I'm long gold, I'm long Bitcoin. I'm long commodities because I think they're wildly undervalued,” says @ptj_official. “I probably have some baskets like gold, Bitcoin, commodities, and Nasdaq. And I own zero bonds.” pic.twitter.com/i152rZFlbs
— Squawk Box (@SquawkCNBC) October 22, 2024
bitcoin, gold
The CIO of Tudor Investments says there are some commodities in the market that are “ridiculously underheld,” which is why he's also bullish on them. Jones is also using the Nasdaq as a long-term bet, regardless of who wins the U.S. presidential election. Polymarket data shows that most crypto traders on the platform are leaning towards Donald Trump.
Jones has a bullish outlook on Bitcoin (BTC), gold and commodities in general, but is bearish on bonds due to concerns about government spending. He believes this is a scenario where the bond market could suffer a significant decline if the government does not take this seriously.
Amid this outlook, hedge fund managers are not planning to hold any bonds.
“The question is whether we will have a Minsky moment here in the United States and in the U.S. bond market after this election,” he commented.
As of this writing on Tuesday, October 22nd, Bitcoin prices were hovering around $67,500, up 52% since the beginning of the year and 125% over the past year. The cryptocurrency soared to an all-time high of $73,000 in March.
Meanwhile, gold prices have been falling in recent weeks. As of Tuesday, the price of the precious metal hit an all-time high of $2,747.68. Gold prices have risen more than 33% since the beginning of the year.
