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01.09.2021 10:20 AM
John Paulson doesn't believe in Bitcoin

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The famous hedge fund manager John Paulson said in an interview with Bloomberg that they do not believe in cryptocurrencies, calling the cryptocurrency market an air bubble that will eventually burst and fall to zero.

Despite the fact that the supply of Bitcoins is limited to 21 million coins that will ever be mined, Paulson still believes that cryptocurrencies are nothing – as long as demand exceeds supply, the price will rise, but when demand falls, the price will fall with it. He explained that none of the cryptocurrencies has an intrinsic value. The value lies only in the limitation of quantity.

However, since the US dollar does not meet the gold standard, its intrinsic value is similar.

Despite Paulson's negative outlook on cryptocurrency, he is not going to sell Bitcoin anytime soon, as he did during unfavorable times for cryptocurrencies. He responded to Bloomberg that although there are disadvantages to cryptocurrency, there are also advantages, for example, Bitcoin doubled in value in less than a month.

Paulson is a fan of the basics. Nevertheless, he agreed that when using bitcoin as a means of saving and a payment method, the price increases, but it can also change at the whim of Crypto Twitter.

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Paulson is optimistic about gold, which he has been for many years. For example, his fund rushed to the precious metal after the financial crisis. He was also patient with the precious metal, even enduring the decline caused by gold, before he decided to give up managing a hedge fund, and instead focus on managing his own wealth.

Gold investors got the last word in 2020 when the coronavirus triggered the lever of fear. Now, Paulson believes that the stars are starting to align again with respect to the precious metal. Inflation has already started to rise, and Paulson believes that this is just the beginning, explaining that if inflation rises above forecasts mainly due to an increase in the money supply, gold will win accordingly.

According to Paulson, it is now a good time to buy gold, reminiscent of the 1970s, when the gold chart looked like a parabola due to double-digit inflation.

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Irina Yanina,
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