- Billionaire Paul Tudor Jones is bullish on gold and Bitcoin
- The hedge fund manager told CNBC that commodities are under-owned
Paul Tudor Jones says he is long the precious metal gold and digital asset Bitcoin (BTC) ahead of the US election and as inflationary pressures look to persist beyond the November vote.
The billionaire hedge fund manager shared his investment strategy during an interview with CNBC’s Andrew Ross Sorkin on October 22. Jones, the founder and chief investment officer of Tudor Investment, told Sorkin that his trading strategy is long gold and long Bitcoin.
"I'm long gold, I'm long bitcoin, I think commodities are so ridiculously under-owned so I'm long commodities," says @ptj_official. "I probably have some basket of gold, bitcoin, commodities and Nasdaq, something like that. And I own zero fixed income." pic.twitter.com/i152rZFlbs
— Squawk Box (@SquawkCNBC) October 22, 2024
Bitcoin, gold
According to the Tudor Investment CIO, the market has commodities “ridiculously under-owned” and that’s why he’s bullish on commodities as well. Jones also has Nasdaq as a long-term bet – despite who wins the US presidential election. Data on Polymarket shows most crypto traders on the platform are leaning toward Donald Trump.
While he takes a bullish outlook on BTC, gold, and commodities in general, Jones is bearish on bonds amid worrying government spending. He believes if the government doesn’t get serious about this, it’s a scenario that could see the bond market hit a major sell-off.
Amid this outlook, the hedge fund manager doesn’t plan to own any fixed income.
“The question is after this election will we have a Minsky moment here in the United States and US debt markets?” he commented.
Bitcoin’s price hovered around $67,500 at the time of writing on Tuesday, October 22, up 52% year-to-date and 125% over the past year. The cryptocurrency rallied to an all-time high of $73k in March.
Meanwhile, gold has been on a tear in recent weeks. As of Tuesday, the precious metal’s price ticked $2,747.68 for an all-time high. Gold’s price has increased over 33% year-to-date.