[DigitalToday reporter Jinju Hong] Billionaire investor Paul Tudor Jones (폴 튜더 존스) rated bitcoin (BTC) as a stronger inflation hedge than gold and voiced concerns that U.S. stocks are overvalued.

On April 28, CoinDesk, a blockchain media outlet, reported that Jones said in a recent podcast interview, "Bitcoin is unquestionably the best inflation hedge."

He cited the supply cap as bitcoin’s biggest strength. Bitcoin’s total issuance is limited to 21 million coins, while gold supply increases each year through mining, he said, making bitcoin scarcer. Jones viewed that this capped-supply structure could support bitcoin’s value over the long term.

Jones linked bitcoin’s investment appeal to past periods of expanding liquidity. He recalled that when central banks and governments moved to aggressive monetary and fiscal stimulus during the COVID-19 pandemic in March 2020, assets that benefited from inflation surged. At the time, bitcoin looked like the most promising inflation trade, and it later posted sharp gains, he said.

He sounded a warning on the U.S. stock market. Jones said current U.S. equity valuations have reached historically very high levels and that expected returns could be limited. "If you buy the S&P 500 at this level, the expected return over the next 10 years is virtually close to negative," he said.

He also mentioned demand-and-supply pressures. Jones raised the possibility that large initial public offerings such as SpaceX could come, along with listings of artificial intelligence (AI) companies such as OpenAI and Anthropic. He said share buybacks that have supported the existing market could decline, increasing supply-side pressure.

He also pointed to the U.S. stock market’s capitalisation rising to about 252 percent of gross domestic product (GDP). He argued this is a historically high zone comparable to the period just before the 1929 Great Depression, the 1987 Black Monday crash and the 2000 dot-com bubble. Jones assessed that the U.S. financial market is currently excessively leveraged around equities.

He also warned that in such a structure, an equity-market correction could spread beyond financial markets to the real economy, fiscal conditions and the bond market. He said a significant portion of U.S. tax revenue is linked to capital gains taxes, and a sharp stock decline could bring both falling tax receipts and a widening fiscal deficit. If that is compounded by weakness in the bond market, the shock could quickly spread to the real economy, he said.

The remarks also align with a shift in Wall Street views of bitcoin and traditional financial assets. He said views are strengthening that see bitcoin not as a simple risk asset but as a digital store of value with limited supply, while concerns are growing over both valuation burdens and worsening supply-demand conditions for U.S. equities.

Ultimately, market attention is focused on which assets funds will move into amid changes in inflation and liquidity conditions. Jones views that bitcoin is likely to play a stronger alternative-asset role than gold in that process.