Billionaire Paul Tudor Jones Backs Bitcoin and Gold as Geopolitical Risks Rise

Jones said the U.S. in moving towards an “untenable fiscal position.”

AccessTimeIconOct 10, 2023 at 4:06 p.m. UTC
Updated Oct 11, 2023 at 3:12 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Hedge fund giant Paul Tudor Jones said on Tuesday that the combination of extensive geopolitical risk and rising U.S. government debt levels make it difficult to own stocks, but that bitcoin (BTC) and gold are attractive options.

“This might be the most threatening geopolitical environment I've ever seen,” said Jones on CNBC’s Squawk Box. He also took note of the U.S. fiscal position, calling it the weakest since at least World War II.

“As interest costs go up in the United States,” said Jones, “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.”

“I can’t love stocks,” he said, “but I love bitcoin and gold.”

Jones first made known his bullishness on bitcoin in May 2020, saying then he had put 1%-2% of his assets in the crypto. A year later, he said he wanted an allocation to bitcoin of 5%.

Earlier in 2023, Jones sounded less bullish, saying that an unfriendly regulatory picture and a U.S. Federal Reserve determined to squelch inflation were likely to be headwinds for bitcoin.

Edited by Stephen Alpher.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.