Paul Tudor Jones worries of an incoming “Second Depression” due to Americans having difficulty in contact tracing as well as other methods in containing the coronavirus.
Aside from his observations on the current market sentiment, the CEO at Tudor Investment Corp. also mentions that he’s invested a small percentage of his money on Bitcoin.
The U.S. currently has over 1.34 million confirmed cases according to the latest update from Johns Hopkins University.
With some states still considering reopening its economies, it might be a bad idea to push through with this plan since there are also reports that the second wave of coronavirus is already present in some countries.
Individualism: America’s biggest strength and weakness
The hedge fund investor tells CNBC’s Squawk Box that if the COVID-19 pandemic doesn’t get contained in a year, an economic “Second Depression” may be in the works.
He also compared the Americans to the Asians saying that individualism is what sets them apart. Furthermore, he adds that Americans are more focused on their love of freedom while Asians put greater importance on society’s values rather than individual rights.
In terms of the Dow Jones and the rest of the U.S. markets, Tudor Jones says that the bounce easy to forecast in observance of the U.S. stocks recovering swiftly from its low.
In addition, Jones focused more on the measures on how the coronavirus outbreak will be contained in order for markets to recover. The next moves will be dependent on a lot of COVID-19 developments as he adds:
There’ll be a shift in focus from liquidity issues somewhere down the line to solvency issues. If we don’t find a vaccine or a cure, if we don’t find a much better way of testing at scale … then I think the market’s going to have a much more difficult time.
Tudor Jones calls Bitcoin ‘the greatest speculation’
With the recent news that Warren Buffett recently dumped its airline stocks to look for other opportunities, it looks like Paul Tudor Jones is looking for other assets to invest in, and apparently he now looks at Bitcoin as an attractive investment.
In a recent interview in CNBC Paul Tudor Jones confirmed that he is currently investing in Bitcoin despite other reports saying he wasn’t directly buying the cryptocurrency.
“We’re watching the birthing of a store of value. And whether that succeeds or not, only time will tell.” Paul Tudor Jones says bitcoin is a “great speculation.” https://t.co/FmTpX0l7Gx pic.twitter.com/GjOJmcwOb2
— CNBC (@CNBC) May 11, 2020
He also adds that he currently has two percent of his assets invested in Bitcoin.
Since Tudor Jones has acknowledged Bitcoin, other big-time investors might also consider investing in cryptocurrency. Bitcoin halving is scheduled this week and only time will tell if it will either pump or dump.
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