Bitcoin BTC , ethereum, XRP XRP and other major cryptocurrencies have struggled to hold onto their early 2023 gains recently as the U.S. wages "war" on crypto.

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The bitcoin price, down sharply from its late 2021 highs, rebounded through the first half of this year, boosting the likes of ethereum and XRP, but has dropped back despite soaring expectations that a $17.7 trillion earthquake is on the horizon.

Now, after a shock leak blew up the mystery of bitcoin's anonymous creator Satoshi Nakamoto, billionaire hedge fund manager Paul Tudor Jones has warned the "cataclysmic" fiscal situation in the U.S. means he's stockpiling bitcoin and gold.

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"It’s a really challenging time to want to be an equity investor and in U.S. stocks right now," Jones told CNBC. "You’ve got the geopolitical uncertainty ... the United States is probably in its weakest fiscal position since certainly World War II with debt-to-GDP at 122%."

Jones, the legendary hedge fund manager who lit a fire under bitcoin when he shocked markets in May 2020 by calling the cryptocurrency the fastest horse to beat inflation, has renewed his commitment to bitcoin and gold in the current geopolitical and marco environment.

"I can't love stocks," he said, "but I love bitcoin and gold. I think they probably take on a larger percentage of your portfolio than they would [usually] because we’re going to go through both a challenging political time here in the United States and we’ve obviously got a geopolitical situation"—referring to the outbreak of war between Israel and the Palestinian militant group Hamas and the looming 2024 U.S. presidential election.

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Jones went on to voice fears others have raised that the U.S. could be headed into a "vicious circle" of "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."

In early 2022, the the Federal Reserve began hiking interest rates at a historic clip in order to bring soaring inflation under control, creating what some fear could become a counter-intuitive "death spiral" for the U.S. dollar that ultimately pushes up the bitcoin price.

Last week, Jefferies' analysts warned the Fed could be forced to restart its money printer—potentially collapsing the U.S. dollar and fueling a bitcoin price boom to rival gold.