Hedge fund manager Paul Tudor Jones told CNBC on Monday that he would “get all into the inflation business” if the US Federal Reserve were indifferent to rising consumer prices.
The hedge fund manager discussed the potential impact of Fed chief Jerome Powell’s insistence on characterizing the most recent acceleration in inflation, the fastest in 13 years, as “temporary”.
The Fed’s Monetary Policy Committee is holding a two-day closed session this week to review the latest economic data. A statement is expected on Wednesday, followed by a press conference with Powell. Jones said he would be careful.
“If they treat them nonchalantly, I think it’s just a green light to bet on any inflation trade,” Jones said during a CNBC Squawk boxing interview, referring to economic indicators.
“When they say: ‘We’ll be there’ [the] Path, things are good then I would just go into the inflation deals, ”Jones said. “I would probably buy commodities, buy crypto, buy gold.”
Jones said he likes Bitcoin and sees it as a great way to protect wealth over the long term. He keeps it in his portfolio and compares it to gold.
In May, Jones put 1% to 2% of his wealth on Bitcoin. His company, the US $ 44.6 billion Tudor Investment Corporation, most recently secured custody relationships with the institutional rulers Coinbase and Bakkt.
Jones told CNBC on Monday that he wanted a 5% allotment on Bitcoin.
“The only thing I know for sure is that I want 5% gold, 5% bitcoin, 5% cash, and 5% commodities,” said Jones.