資深宏觀投資者保羅·厄爾·瓊斯（Paul Tudor Jones）重申了他對比特幣的強烈信念

資深宏觀投資者保羅·厄爾·瓊斯（Paul Tudor Jones）重申了他對比特幣的強烈信念

Veteran macro investor Paul Tudor Jones has once again highlighted his strong belief in Bitcoin, presenting it as an essential component of any portfolio designed to withstand inflationary pressures. In a recent interview on Bloomberg TV, the founder of Tudor Investment Corp. expressed his growing concerns over a long-term inflationary regime in the U.S., leading him to suggest a material shift in traditional asset allocation thinking.

資深宏觀投資者保羅·厄爾·瓊斯（Paul Tudor Jones）再次強調了他對比特幣的強烈信念，將其作為旨在承受通貨膨脹壓力的任何投資組合的重要組成部分。 Tudor Investment Corp.的創始人在最近接受彭博電視台的採訪中表達了他對美國長期通貨膨脹制度的日益關注，這使他暗示了傳統資產分配思維的重大轉變。

As reported by Bloomberg, Jones anticipates an "uber-dovish" Federal Reserve chair being appointed by a second Trump presidency to replace Jerome Powell. This shift in leadership would likely prioritize economic stimulus over inflation control, ultimately leading to persistently higher prices and a decline in purchasing power.

正如彭博社報導的那樣，瓊斯預計，第二任特朗普總統任命的“ Uber dobovish”美聯儲主席接替杰羅姆·鮑威爾（Jerome Powell）。領導層的這種轉變可能會優先考慮經濟刺激而不是通貨膨脹控制，最終導致價格持續更高的價格和購買力下降。

In that context, Jones values Bitcoin not as a speculative bet but rather as a hedge against systemic risk. According to Jones, the best portfolio to combat inflation would include a mix of Bitcoin, gold, and stocks, balanced according to their volatility.

在這種情況下，瓊斯不重視比特幣是投機性的賭注，而是針對系統性風險的對沖。根據瓊斯的說法，應對通貨膨脹的最佳投資組合包括比特幣，黃金和股票的混合，根據其波動率平衡。

"It would be some combination of vol-adjusted bitcoin, gold, and stocks," Jones explained, highlighting that Bitcoin's volatility is about five times that of gold. This difference in volatility would necessitate adjusting position sizes accordingly to maintain a stable risk profile.

瓊斯解釋說：“這將是體積調整後的比特幣，黃金和股票的某種結合。”他強調，比特幣的波動大約是黃金的五倍。波動率的這種差異將需要相應調整位置大小以保持穩定的風險狀況。

While Jones didn't provide a specific allocation for Bitcoin in this interview, he previously suggested a 1-2% portfolio weighting. However, his reluctance to assign a figure this time indicates a broader emphasis on macroeconomic positioning rather than prescriptive asset splits.

儘管瓊斯在這次訪談中沒有為比特幣提供特定的分配，但他以前提出了1-2％的投資組合權重。但是，他不願分配一個數字，這表明對宏觀經濟定位而不是規範性資產分割更加重視。

Furthermore, Jones emphasized the importance of Bitcoin in a global monetary environment increasingly characterized by financial repression. Citing Japan's experience with ultra-low interest rates over the past quarter century, Jones predicts that the U.S. might follow a similar path, running "really low real rates" and allowing inflation to run hot. This strategy, he explained, would be employed to manage the ballooning national debt.

此外，瓊斯強調了比特幣在全球貨幣環境中越來越多地以財務壓制為特徵的重要性。瓊斯以日本在過去四分之一世紀具有超低利率的經驗，他預測，美國可能會遵循類似的道路，運行“真正低的實際利率”，並允許通貨膨脹率炎熱。他解釋說，該策略將被用來管理激增的國家債務。

In such a scenario, investors are effectively being taxed via inflation, and traditional fixed-income assets, such as bonds, would lose purchasing power at a rapid pace. In this context, Jones highlighted Bitcoin, gold, and stocks as the best tools for preserving wealth.

在這種情況下，投資者正在通過通貨膨脹有效地徵稅，而傳統的固定收益資產（例如債券）將迅速失去購買力。在這種情況下，瓊斯強調比特幣，黃金和股票是保存財富的最佳工具。