Billionaire Paul Tudor Jones Still Likes Bitcoin Despite Price Drop

The allure of Bitcoin remains strong for billionaire investor Paul Tudor Jones. During his Tuesday appearance on CNBC’s “Squawk Box,” he said that he still likes the flagship cryptocurrency and gold, with recession fears, increased geopolitical unrest and rate hikes being the main reasons why.

Tudor’s Bitcoin pivot

The hedge fund mogul famously made his first investment in Bitcoin back when the digital asset was gaining traction as an inflation hedge.

Following his foray, Bitcoin witnessed a significant rally, enhancing its appeal to many investors. However, in a turn of events earlier this year, Jones shared reservations about Bitcoin’s present allure.

Speaking on CNBC’s “Squawk Box,” he cited decreased inflation and mounting regulatory attention as the chief reasons behind his reevaluation.

He still retains a minor stake in Bitcoin, but he has expressed concerns about the U.S. regulatory landscape, remarking, “Bitcoin has a real problem because, in the United States, you have the entire regulatory apparatus against it,” he said earlier in 2023.

U.S. economy and stocks

Jones also delved into his views on U.S. stocks during his recent CNBC appearance. Labeling the present era as an especially challenging time for equity investors in the U.S., Jones pointed to the combination of geopolitical uncertainty and the U.S.’s problematic fiscal situation as main deterrents.

He highlighted the skyrocketing U.S. debt-to-GDP ratio and the implications of surging interest rates, which could soon eclipse defense spending.

Despite the challenges and economic risks presented, Jones emphasizes the need for fiscal retrenchment, addressing entitlements, and possibly raising taxes to navigate the impending financial storm.

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