American billionaire and founder of Tudor Investment Corporation, Paul Tudor Jones, has warned against buying Bitcoin (BTC), in a recent interview with CNBC Squawk Exclusive. He said that BTC’s appeal is waning primarily due to the incumbent regulatory issues in the United States. He also reasoned that a potentially lower inflation rate and the associated CPI data could also threaten BTC’s price.

Jones reiterated that from the beginning his strategy has been to have a small allocation of his overall portfolio for BTC. He reasoned that BTC is the only asset humans can’t adjust to supply in, so he would always stick to it as a small diversification of his portfolio. Further, Jones cautioned that while investors were buying gold and BTC for the inflation hedges, that strategy would not work anymore.

Notably, Ran Neuner, the founder and CEO of Crypto Banter, also presented his analysis of Jones’ BTC investment warning. Neuner noted that while Jones, historically a BTC HODLer, is bullish about BTC, he is only keeping a small percentage of his portfolio into BTC, whilst avoiding to buy BTC right now.

Nuener tweeted that Jones sees BTC as an insurance policy that he has held longer than any other assets:

In Neuner’s subsequent analysis of Jones’ speech he signaled a bullish BTC sign coming from the latter. Neuner then went on to remind that for this cycle, as per Jones, the inflation narrative is over since it is falling. Neuner maintained that a new narrative is being built which sets BTC up as a hedge against banking collapse and government shenanigans. Neuner concluded that the new ordinals functionality of BTC that is being developed would be preferred by a technology-first investor—which Jones is not.