Billionaire Says Israel-Gaza War Makes Bitcoin a Good Bet
Amid geopolitical uncertainty, billionaire investor Paul Tudor Jones announced that Bitcoin is a strong choice for investors.
As the war drums beat between Israel and Gaza, the narrative of Bitcoin as a safe haven asset echoes loudly in the din of international tensions involving Russia, China and the US.
Bitcoin is a good bet during the Israel-Gaza war.
Paul Tudor Jones, a veteran hedge fund manager, expressed his support for Bitcoin in a recent interview. He reflected on the geopolitical canvas of today's turmoil. Jones also pointed to the thin health of America's budget, which is considered to be the weakest since the World War II era.
In addition, Jones paints a grim picture, labeling China, Russia and North Korea as leaders of “sociopaths.” Thus emphasizing the urgency of the financial haven.
“I like gold and bitcoin together. I think you probably hold a larger percentage of your portfolio than you do historically because here in the United States we're going through both challenging political times and going through — obviously we have. The geopolitical situation,” Jones said.
Read more: PayPal refuses to serve Palestinians: Is Bitcoin the solution?
The billionaire's belief in Bitcoin, alongside gold, stems from a mix of mathematical certainty and historical persistence. “I love Bitcoin and I love gold here,” Jones said. It encouraged the diversification of these assets into investment portfolios.
He also pointed out that the aggressive stance of the Federal Reserve on interest rates could bring the US economy into a cold recession.
“More than anything else, we're more likely to go into failure. There are some pretty obvious recessionary businesses. The very simple yield curve is very steep, the current premium goes to the back of the debt markets, right, to 30-year, and to 10-year and 7-year paper,” Jones added.
This recession fits a long-standing narrative among Bitcoin enthusiasts. They value digital assets as hedges in the midst of fiscal storms.
Read more: Analysts predict more volatility in markets due to Israeli-Palestinian war
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The discussion surrounding Bitcoin's usefulness as a safe-haven asset is not new. However, support from financial moguls such as Paul Tudor Jones will strengthen its position in an investment environment shaken by the war in Israel and Gaza.
Jones' voice joins the chants of Bitcoin bulls who see beyond the immediate turmoil, facing earthly conflicts head-on.
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