Bitcoin nervously awaits Fed as Paul Tudor Jones says 'clearly don't own' stocks, bonds
Bitcoin (BTC) kept investors guessing on May 3 as markets awaited May 4's Federal Reserve comments.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering just above $38,000 at May 3's Wall Street open.
The pair had stayed practically static over 24 hours to the time of writing as volatility in stocks dictated the mood.
Amid multiple calls for a "capitulation" style event to hit both crypto and TradFi markets, there was an eerie sense of calm leading up to the Federal Open Markets Committee (FOMC) meeting, with news on U.S. rate hikes to follow.
Everyone is waiting for Jerome Powell to come up tomorrow to have a speech of 45 minutes where he's going to say absolutely nothing.
While some felt that markets had already "priced in" the expected 50-basis-point hike, veteran investor Paul Tudor Jones did not mince his words when telling mainstream media about the precarious nature of the economy under current conditions.
Speaking to CNBC's "Squawk Box" segment on May 3, Tudor Jones told viewers that it would not pay to own stocks or bonds.
"Clearly you don't want to own bonds or stocks, you start with that," he stated.
Tudor Jones, well known for his Bitcoin investment and evangelism, also said that the U.S. was entering "uncharted territory" by raising rates during a period of tightening in the Financial Conditions Index (FCI).
FCI is a composite gauge of stocks, credit spreads and more, and is a "very good indicator of the general strength of the overall economy," he explained.
The cautious tone from within crypto circles likewise extended to Bitcoin hodlers.
Related: ‘More likely’ BTC price will hit $100K before Bitcoin sweeps $30K lows, forecast says
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