Paul Tudor Jones says inflation picture is 'very bleak,' crypto offers great hedge

Billionaire hedge fund manager Paul Tudor Jones offered what he characterized as a "very bleak picture" of inflation on Wednesday, saying that the fast pace of price increases represented the biggest threat to both the financial markets and society in general. To protect portfolios against higher prices, Jones told CNBC that investors should buy commodities, inflation-indexed bonds and cryptocurrencies, like Bitcoin (BTC-USD). "Bitcoin will be a great hedge. Crypto will be a great inflation hedge," he said. Jones reported that he has crypto in "single digits" in his portfolio, partly because he believes "we are moving into an increasingly digitized world." "Clearly, there's a place for crypto. And clearly, it's winning the race against gold at the moment," he contended. Jones also lashed out at the Federal Reserve, saying the central bank "is an inflation creator rather than an inflation fighter." "I think we have maybe the most inappropriate monetary