A billionaire and hedge fund manager known as the “Wall Street short god,” John Paulson (John Paulson), recently said that gold is currently in the early stages of a long-term bull market.

Paulson said that as people lose confidence in paper currency, demand for gold as an alternative asset will continue to grow. “I do believe we are in the beginning or early stages of a long-term gold bull market.” He said gold is becoming the world’s most important reserve currency, gradually replacing fiat currency, and that both global central banks and the private sector are continuing to expand their demand for physical gold.

Paulson previously shorted U.S. subprime mortgages in 2008, a deal that also became one of the most profitable in Wall Street history, earning him the title “Wall Street short god.” In 2009, he shifted his focus to gold, believing that, after the financial crisis, unprecedented fiscal and monetary stimulus would ultimately weaken the U.S. dollar. Since then, the price of gold has risen by about four times, at one point breaking above the $5,000-per-ounce level, but it later saw a pullback.

Gold has been seeing consecutive gains since the late-July period. The international spot gold price has returned to $4,100 per ounce. As of the time of this release, spot gold is at $4,129.34 per ounce, up nearly 3% since July.