John Paulson is a known name in the financial markets of the United States. He made a name for himself by cashing out on the real estate market in 2008. The billionaire claims that the cryptocurrency market is also nothing more than a big bubble. He was speaking at Bloomberg TV and sharing a conversation with the co-founder of Carlyle Group, Rubenstein.
He further added that he does not advise anyone to invest their money into cryptocurrencies. The financial investor put a lot of stakes in shorting the subprime call options. He is also one of the people who were able to predict the fall of the real estate market ten years ago and managed to rake in $20 billion from the incident.
John Paulson Prefers Gold over Cryptocurrencies
Paulson made a fortune for himself more than a decade ago with his foresight and quick thinking. However, in 2019 his $40 billion net worth dropped down to $9 billion in an unexpected turn of events. Since that time, he proceeded to fold his hedge fund Paulson & Co. and transformed his practice into a home office. He now mostly manages his assets and investments.
During his peak years, Paulson invested a lot of money into gold and related stock products. Many people claimed that he had turned into a gold bug. Speaking at Bloomberg recently, Paulson still holds gold in higher esteem in comparison to cryptocurrencies. He remarked that he would prefer to invest in gold despite its value dropping down to $1,700.
Real estate market master Paulson said that cryptocurrencies do not possess any inherent value or use case. He believes that gold is a much better and useful hedge in comparison to Bitcoin. He further added that the cryptocurrency market is going to crash down as soon as the hype around it settles down. Another financial guru like Paulson is Steve Eisman. He also made a lot of money in the 2008 market crash, and he was also featured as the main character in the movie Big Short. Eisman is also not a big fan of Bitcoin investment. He claimed earlier that Bitcoin does not have any value, just like his counterpart.