Hedge fund giant Paul Tudor Jones said on Tuesday that the combination of extensive geopolitical risk and rising U.S. government debt levels make it difficult to own stocks, but that bitcoin (BTC) and gold are attractive options.

“This might be the most threatening geopolitical environment I've ever seen,” said Jones on CNBC’s Squawk Box. He also took note of the U.S. fiscal position, calling it the weakest since at least World War II.

“As interest costs go up in the United States,” said Jones, “you get in this vicious circle, where higher interest rates cause higher funding costs, cause higher debt issuance, which cause further bond liquidation, which cause higher rates, which put us in an untenable fiscal position.”

“I can’t love stocks,” he said, “but I love bitcoin and gold.”

Jones first made known his bullishness on bitcoin in May 2020, saying then he had put 1%-2% of his assets in the crypto. A year later, he said he wanted an allocation to bitcoin of 5%.