Billionaire investor Paul Tudor Jones backs Bitcoin amid geopolitical tensions, struggling US economy
On October 10, the billionaire investor told CNBC that it was a tough time to be a venture capitalist amid geopolitical tensions and America's dire financial situation.
“It's a very challenging time to be an equity investor and want to be in U.S. stocks,” said the founder and chief investment officer of Tudor Investments.
He added that the United States is “probably in the weakest fiscal position since World War II with a gross domestic debt of 122%.”
Bitcoin and gold preferred
According to CNBC, the Israel-Hamas war has created a very dangerous and challenging geopolitical environment. This could create a huge market situation, he said, before adding:
“I can't love stocks, but I love bitcoin and gold.”
Paul Tudor Jones: “I Love Bitcoin and I Love Gold”
One of the world's biggest investors has backed Bitcoin as a geopolitical safe-haven asset.
— Will Clement (@WClementeIII) October 10, 2023
Paul Tudor Jones blamed rising interest rates and rising debt levels for America's financial crisis. With interest rates currently at 5.5%, the national debt is at a record $33.5 trillion, with billions of dollars being added every day.
“As interest costs rise in the United States, you get into this vicious circle, where higher interest rates lead to higher funding costs, higher credit supply, which leads to more bond outflows, which leads to higher rates, which puts us in an unsustainable budget position.”
The billionaire investor has been a Bitcoin bull for the past three years or so, revealing that he has allocated 1-2% of his assets to BTC in 2020, and said he wants to allocate 5% to Bitcoin next year.
He maintained his affinity for the asset during the depths of the bear market in May 2023.
“It's the only thing that people can't fix the supply of. So I'm stuck with it; I'll always stand with it. It's a little bit of diversity in my portfolio,” he said at the time.
BTC Price Outlook
Despite the massive support, BTC is down 2% on the day to $27,151 at the time of writing.
Bitcoin failed to clear resistance at $28,000 over the weekend and retreated to its lowest level since October 1st.
Analysts noted the market's breakout, but confirmed that the long-term trend since last November's low cycle remains intact.
Looking at the market structure, it's no surprise that #Bitcoin analysts are split on the next direction.
Equal highs and equal lows on higher time frames?? The price is almost completely neutral.
Despite the facts so far, there is still progress.
And now, we can even be… pic.twitter.com/eZEwZjB6NY
— CryptoCon (@CryptoCon_) October 10, 2023
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off your first month of Binance Futures (terms).
PrimeXBT Special Offer: Use this link to register and enter code CRYPTOPOTATATO50 to receive up to $7,000 in deposits.
