Paul Tudor Jones backs Bitcoin amid rising inflation risks

Veteran investor Paul Tudor Jones recently reiterated his confidence in gold, Bitcoin (CRYPTO:BTC), and commodities during an interview with CNBC. 

Jones emphasised that he’s holding these assets as a hedge against rising inflation and ongoing fiscal challenges. 

"All roads lead to inflation," he told CNBC, explaining his strategy of avoiding fixed income investments. 

Instead, Jones is leaning heavily towards hard assets like gold, which hit $2,748.96 per ounce, and Bitcoin, which traded at $67,500 per coin — close to its all-time high. 

Jones highlighted his concern over the U.S. economic outlook, noting that the country is in its “weakest fiscal position since World War II.” 

According to Jones, the current playbook to address the national debt problem is to "inflate your way out." 

His comments align with his previous warnings about the impact of geopolitical tensions and the state of the U.S. economy. 

The billionaire investor’s endorsement of Bitcoin is not new. 

Last year, as Bitcoin was recovering from the Terra blockchain collapse and prior to the FTX scandal, Jones predicted that BTC’s price would rise significantly. 

He cautioned then that economic challenges were looming and fiscal retrenchment was likely on the horizon. 

His latest remarks come just two weeks before the 47th U.S. election, where the outcome could reshape the nation’s fiscal policy. 

Jones’ consistent support for Bitcoin and commodities suggests that he sees them as key assets in an era of financial uncertainty. 

As he put it, "I think commodities are so ridiculously under owned," highlighting his bullish stance amid growing inflationary pressures. 

At the time of writing, the Bitcoin price was $67,112.07.