Hedge Fund Manager John Paulson is not a believer in cryptocurrency
John Paulson is not a big believer in cryptocurrency and even goes as far as to say that it is worthless. According to the notable hedge fund manager and billionaire, he does not recommend people invest in it. He went on to describe them as being a bubble, and that in time, its value will drop significantly. The businessman instead backs gold as inflation continues to skyrocket in the US. John Paulson is known to have made his living from real estate during the crash of 2008. Paulson is the co-founder and owner of Paulson & Co, a firm launched in 1994 located in New York City. The firm has partnerships with other companies and specializes in many things from mergers, and structured credit, and provides many other services to businesses. Paulson & Co manages assets totaling over $18 billion and has about 120 employees spread throughout various offices in multiple US states. He made the decision many years ago to turn his business into a family office. John Paulson completed his education at Harvard University with an MBA in 1980. He earned a bachelor’s from NYU in 1978. Before forming his own company, Paulson worked as a partner for Gruss Partners and as a director at Bear Stearns. The businessman also serves on the board of colleges he attended along with some partnerships in NYC. Paulson was an excellent student at a young age growing up in Queens, New York with his three brothers. The entrepreneur did take some risks in his life, one of which was taking a break while in college to pursue an opportunity in Equador managing a clothing business. He realized it did not earn him enough profit so he started his own company and the rest is history. He notes he has taken investment advice throughout his life from Joseph Gruss. Important lessons he learned from them were to watch the downside and the importance of minimizing the downside.