Veteran investor Paul Tudor Jones said he still has a “very minor allocation” in Bitcoin amid the price volatility, citing economic patterns since the 1970s as part of his reasons for hodling. 

In an Oct. 10 interview on CNBC, Jones said he thought cryptocurrencies like Bitcoin BTC “will have value” at some point in the future higher than the current price of $19,236. The hedge fund manager with a reported net worth of roughly $7.5 billion said monetary policy in the 2020s could be focused on “debt dynamics country-by-country,” with fiscal retrenchment or higher-term premiums in bond markets and stock markets.

“I’ve still got a very minor allocation, I’ve always had a small allocation to [Bitcoin],” said Jones. “In a time when there's too much money — which is why we have inflation and too much fiscal spending — something like crypto, specifically Bitcoin and Ethereum, where there’s a finite amount of that, that will have value at some point."

Jones did not specify the quantity of his “very minor” BTC allocation but said in May 2020 that the cryptocurrency represented between 1%–2% of his total assets. In June 2021, citing concerns about inflation and the United States Federal Reserve policy, he advocated for a 5% allocation to BTC, 5% to gold, 5% to cash and 5% to commodities.

Related: Crypto portfolios: How much of a stablecoin allocation is too much?

Following a meeting of the Federal Open Market Committee in May, Jones said it was going to be a “very, very negative situation” for stocks and bonds and the U.S. was entering “uncharted territory” with the Fed raising rates. Many know the veteran investor for shorting the stock market ahead of a market crash in 1987, which effectively tripled his wealth.