Gold is poised to surge, and cryptocurrency is a worthless bubble, says John Paulson in an interview with David Rubenstein, as quoted in Bloomberg Wealth.

Paulson has been looked at as a sort of guru since he shorted subprime mortgage bonds and made $20 billion, but hasn’t found anything to rival that massive short since. He has harsh words for current hot investments, calling SPACs a “losing proposition” and cryptocurrencies a bubble that will “eventually…be worthless.” But he won’t short crypto; it’s too volatile, he says in the interview. The reason subprime worked so well was because it was asymmetrical, and “I haven’t found anything that’s as asymmetrical as that particular trade.”

More recently, Paulson was called a gold bug by some, and he still thinks gold is a good investment at the current prices of $1700/ounce; it does well in times of inflation. His advice is to “invest in areas that you know well” and that the best investment an individual can make is to buy their own home.