Ahead of Federal Reserve’s Open Markets Committee (FOMC) meet outcome, billionaire hedge fund manager Paul Tudor Jones said investors should double down on defensive investments like cash, commodities, bitcoin.

The billionaire who has invested two percent of his portfolio in Bitcoin touted the reliability of the cryptocurrency as a hedge against inflation. He said, Bitcoin is “a way to invest in certainty,” he told CNBC on Monday, despite its extreme volatility.

He said that the Fed is risking its credibility by keeping the policy loose and not addressing inflation. His concern is that the Fed is allowing inflation to grow in a way that may not be temporary.

Expressing his nervousness about the equity market, he said, “I want 5 percent in gold, 5 percent in bitcoin, 5 percent in cash, 5 percent in commodities.” At this point, I don’t know what to do with the remaining 80 percent, until I know what Fed is up to, he added.

The outcome of the FOMC meeting is likely to arrive on Wednesday, and market broadly expects the central bank to keep the rates unchanged, while hinting at a possible tapering of its massive bond-buying program in the near future.

“The idea that inflation is transitory, to me … that one just doesn’t work the way I see the world,” Jones said.

He further reiterated his support for bitcoin, calling it a “portfolio diversifier” and “a story of wealth.”

Bitcoin, on the other hand, has crashed nearly 40 percent from its peak of mid-April. However, it is still up 320 percent over the past year.