Billionaire hedge fund manager Paul Tudor Jones said Tuesday he is long gold and bitcoin as he expects the path forward will be inflationary regardless of who lands in the White House, though he has started positioning for a Trump victory. “I think all roads lead to inflation,” Jones told CNBC’s “Squawk Box” on Tuesday. “I’m long gold. I’m long bitcoin. I think commodities are so ridiculously underowned, so I’m long commodities. I think most young people find their inflation hedges via the Nasdaq. That’s also been great.” The founder of Tudor Investment and Robin Hood Foundation said he is anticipating former President Donald Trump could win the 2024 U.S. presidential election, and has started allocating more toward inflation trades. “I moved in that direction, for sure,” said Jones, referencing the changes he has made to his portfolio. The longtime investor, who became famous after predicting and profiting off the 1987 stock market crash, said he is worried about the trajectory of U.S. debt, which he expects could run hotter than the Congressional Budget Office currently anticipates. @GC.1 YTD mountain Gold, YTD The CBO expects deficits will hit $2.8 trillion by 2034, up from $1.8 trillion in fiscal 2024. It expects the debt to rise to 122% of GDP in 2034, up from where it currently is near 100% of GDP. He worries the tax cuts and spending proposed by the two candidates will be inflationary, and will not be tolerated in the Treasury markets, causing a spike in rates. The 10-year U.S. Treasury yield last climbed above 4.2% Tuesday. Rates have been rising even after the Federal Reserve cut rates a month ago. “I am clearly not going to own any fixed income, and I’m going to be short the back end of fixed income,” Jones said. “Because it’s just completely the wrong price.” Bond prices and yields move inversely. The investor said like most civilizations too indebted, the U.S. will ultimately try to inflate its way out. Gold hit an all-time high this week of $2,740.37 on Monday, and was last hovering near those levels . It has surged 32% this year. Bitcoin has gained 57% this year, according to Coin Metrics.