资深宏观投资者保罗·厄尔·琼斯（Paul Tudor Jones）重申了他对比特币的强烈信念

资深宏观投资者保罗·厄尔·琼斯（Paul Tudor Jones）重申了他对比特币的强烈信念

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.

资深宏观投资者保罗·厄尔·琼斯（Paul Tudor Jones）再次强调了他对比特币的强烈信念，将其作为旨在承受通货膨胀压力的任何投资组合的重要组成部分。 Tudor Investment Corp.的创始人在最近接受彭博电视台的采访中表达了他对美国长期通货膨胀制度的日益关注，这使他暗示了传统资产分配思维的重大转变。

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.

正如彭博社报道的那样，琼斯预计，第二任特朗普总统任命的“ Uber dobovish”美联储主席接替杰罗姆·鲍威尔（Jerome Powell）。领导层的这种转变可能会优先考虑经济刺激而不是通货膨胀控制，最终导致价格持续更高的价格和购买力下降。

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.

在这种情况下，琼斯不重视比特币是投机性的赌注，而是针对系统性风险的对冲。根据琼斯的说法，应对通货膨胀的最佳投资组合包括比特币，黄金和股票的混合，根据其波动率平衡。

"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.

琼斯解释说：“这将是体积调整后的比特币，黄金和股票的某种结合。”他强调，比特币的波动大约是黄金的五倍。波动率的这种差异将需要相应调整位置大小以保持稳定的风险状况。

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.

尽管琼斯在这次访谈中没有为比特币提供特定的分配，但他以前提出了1-2％的投资组合权重。但是，他不愿分配一个数字，这表明对宏观经济定位而不是规范性资产分割更加重视。

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，琼斯强调了比特币在全球货币环境中越来越多地以财务压制为特征的重要性。琼斯以日本在过去四分之一世纪具有超低利率的经验，他预测，美国可能会遵循类似的道路，运行“真正低的实际利率”，并允许通货膨胀率炎热。他解释说，该策略将被用来管理激增的国家债务。

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.

在这种情况下，投资者正在通过通货膨胀有效地征税，而传统的固定收益资产（例如债券）将迅速失去购买力。在这种情况下，琼斯强调比特币，黄金和股票是保存财富的最佳工具。