Paul Tudor Jones expects a recession in the first quarter of 2024. He also expects the Israel-Palestine war to make stocks less attractive. Bitcoin has a history of doing well in the midst of political uncertainty.

Bitcoin is still down 13% versus its year-to-date high but Paul Tudor Jones remains bullish as ever on the world’s largest cryptocurrency.

The billionaire hedge fund manager is constructive on Bitcoin primarily because he sees a recession ahead. The Founder of Tudor Investment also expects the Israel-Palestine war to make stocks less attractive.

Ongoing conflict in the Middle East has already claimed close to 2,000 lives. According to Paul Tudor Jones:

I think Bitcoin and Gold take on a larger percentage of your portfolio than historically they would because of a challenging political time in the U.S. and geopolitical situation.

Bitcoin has a history of performing well in the midst of political uncertainty – be it related to the Ukraine war or the recent elections in Turkey.

On CNBC’s “Squawk Box”, Paul Tudor Jones said the inverted yield curve was a signal of a recession ahead that he believes will materialise in the first quarter of 2024.

The billionaire hedge fund manager first invested in Bitcoin at the start of the pandemic and holds some of it to date.

He’s bullish on the cryptocurrency also because of a decline in the U.S. fiscal position. At 122%, the debt-to-GDP in the United States is currently at its worse since the World War II.

Last month, U.S. lawmakers urged the Securities & Exchange Commission to “immediately” approve applications for a Spot Bitcoin ETF. Plus, total supply of the cryptocurrency is scheduled to halve in April of 2024. Both these events could translate to a rally in BTC as well.

The post Billionaire hedge fund manager Paul Tudor Jones picks Bitcoin over stocks appeared first on CoinJournal.

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