Hedge fund manager Paul Tudor Jones told CNBC on Monday he would “go all in on the inflation trades” if the U.S. Federal Reserve remains indifferent to rising consumer prices.

The hedge fund manager discussed the potential implications of Fed Chair Jerome Powell’s insistence on characterizing the recent acceleration in inflation to the fastest in 13 years as “transitory.” 

The U.S. central bank’s monetary policy committee meets this week in a two-day, closed-door session to evaluate the latest economic figures, with a statement expected Wednesday followed by a press conference with Powell. Jones said he will be paying close attention.

“If they treat them with nonchalance, I think it’s just a green light to bet heavily on every inflation trade,” Jones said during a CNBC Squawk Box interview, referring to economic indicators.

“If they say, ‘We’re on [the] path, things are good,’ then I would just go all in on the inflation trades,” Jones said. “I’d probably buy commodities, buy crypto, buy gold.”

Jones said he likes bitcoin and sees it as a great way to protect wealth over the long run. He holds it in his portfolio, comparing it to gold.

In May, Jones bet 1% to 2% of his assets on bitcoin. His firm, the $44.6 billion Tudor Investment Corporation, most recently secured custodial ties with institutional powerhouses Coinbase and Bakkt.

Jones told CNBC Monday he wants an allocation to bitcoin of 5%.

“The only thing that I know for certain is I want to have 5% in gold, 5% in bitcoin, 5% in cash, 5% in commodities,” said Jones.

Read more: Coinbase and Bakkt Are Behind Paul Tudor Jones’ Bitcoin Bets, SEC Documents Show

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