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Billionaire hedge fund manager Paul Tudor Jones II revealed that he is investing heavily in gold and Bitcoin (BTC) as he expects inflationary pressures will persist regardless of who wins the 2024 US presidential election.
Speaking on CNBC’s “Squawk Box” on Oct. 22, Jones emphasized his belief that inflation is inevitable and explained that his portfolio is now positioned for rising prices. He stated:
“I think all roads lead to inflation. I’m long gold. I’m long Bitcoin. I think commodities are so ridiculously under-owned, so I’m long commodities.”
He also praised Bitcoin’s performance during the pandemic driven economic uncertainty in 2020. He added that he remains “long” on Bitcoin, and his firm has also taken long positions on the flagship crypto.
Jones said his trading strategy is partially driven by the expectation that former President Donald Trump will win the US elections in November.
The price of gold reached a new all-time high of $2747.40 on Oct. 22, representing a climb of over 37% this year. Meanwhile, BTC is priced at $67,154.65 as of now, up 52% in 2024, according to CryptoSlate data.
Jones highlighted that many young investors have sought inflation hedges through tech-heavy investments like Bitcoin and the Nasdaq, a strategy that has been successful amid market uncertainty.
Avoiding fixed income
Amid inflation fears, Jones believes that the US will eventually attempt to inflate its way out of mounting debt, which mirrors the historical trajectories of other heavily indebted nations.
The Congressional Budget Office (CBO) projects that deficits will rise to $2.8 trillion by 2034, up from $1.8 trillion in fiscal 2024, with US debt expected to reach 122% of GDP by the same year.
Jones believes the proposed tax cuts and spending from both major political candidates will further fuel inflation and lead to higher interest rates.
Thus, the billionaire is not optimistic about holding fixed-income assets, stating:
“I am clearly not going to own any fixed income, and I’m going to be short the back end of fixed income. Because it’s just completely the wrong price.”
