John Paulson: ‘I wouldn’t recommend anyone invest in cryptocurrencies’

John Paulson, billionaire hedge fund manager remains opposite strongly in investing in cryptocurrencies, naming them a “bubble” and stating that “regardless of where they’re trading today, [cryptocurrencies] will eventually prove to be worthless.”

“Once the exuberance wears off or liquidity dries up, they will go to zero,” Paulson said in an interview.

He further said, “I wouldn’t recommend anyone invest in cryptocurrencies.”

When asked why he does not short cryptocurrencies, though, Paulson stated prices are just “too volatile” to short them efficiently. “In crypto, there’s unlimited downside,” Paulson stated. “So even though I could be right over the long term, in the short term, I’d be wiped out.”

John Paulson stated he is ongoing to purchase gold in anticipation of increasing inflation as the cash supply increases.