- Billionaire Paul Tudor Jones is bullish on gold and Bitcoin.
- The hedge fund manager told CNBC in an interview that commodities remain materially under-owned.
Paul Tudor Jones says that, ahead of the U.S. elections, he favors the precious metal gold and the digital asset Bitcoin (BTC), believing inflationary pressures are likely to persist after the November vote.
The billionaire hedge fund manager outlined his investment approach in an interview with Andrew Ross Sorkin on CNBC on October 22. Jones, founder and chief investment officer of Tudor Investment Corporation, told Sorkin his trading strategy is to be 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 and Gold
Jones told CNBC that commodities are “ridiculously under-owned,” which underpins his positive stance on the sector. He also holds a long-term position in the Nasdaq, regardless of the outcome of the U.S. presidential race.
Polymarket data indicate that many crypto traders on that platform lean toward Donald Trump. While Jones is bullish on BTC, gold and commodities generally, he is decidedly negative on fixed income amid what he called worrying government spending.
Jones warned that failure by the government to address fiscal issues seriously could trigger a severe sell-off in the bond market. Given that outlook, the hedge fund manager said he does not plan to hold any fixed-income positions.
“The question is whether we’ll have a Minsk-style moment here in the United States and in U.S. debt markets after this election,” he commented. At the time of the interview on Tuesday, October 22, Bitcoin traded around $67,500 — up roughly 52% year-to-date and about 125% over the past year.
Bitcoin reached an all-time high near $73,000 in March, while gold has recently been trending lower.
As of Tuesday, the precious metal was quoted at $2,747.68 per ounce, a record high. Year-to-date, gold is up more than 33%.