Hedge fund manager Paul Tudor Jones said on Tuesday that it is difficult to invest in stocks given the current geopolitical risks and the weak fiscal position of the United States.

Jones, the founder and chief investment officer of Tudor Investment Corporation, said that the war in Ukraine and the rising tensions between the United States and China are creating a lot of uncertainty for investors. He also noted that the US government debt-to-GDP ratio is at an all-time high, which concerns long-term economic growth.

“It’s a challenging time to want to be an equity investor and in US stocks right now,” Jones said in an interview with CNBC.

Jones said he is more interested in investing in assets unrelated to the stock market, such as commodities and real estate. He also said he is bullish on Bitcoin, which he sees as a hedge against inflation and other economic risks.

“This might be the most threatening geopolitical environment I’ve ever seen,” Jones said. “As interest costs go up in the United States, 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.”

Jones’ comments come when the stock market has been volatile. The S&P 500 index has fallen about 20% from its all-time high in January, and many investors are concerned about a potential recession.

Hedge fund manager Paul Tudor Jones said on Tuesday that it is difficult to invest in stocks given the current geopolitical risks and the weak fiscal position of the United States. Jones is more interested in investing in assets unrelated to the stock market, such as commodities and real estate. He is also bullish on Bitcoin, which he sees as a hedge against inflation and other economic risks.