Appearing on Squawk Box, hedge-funder Paul Tudor Jones says he and the markets are assuming Joe Biden wins the presidency, with a Blue Wave also giving the Democrats control of Congress. Further, rallying markets are probably correctly pricing in a big fiscal package early next year.Past that, however, Jones isn't so sure, believing the Biden tax plan might cause suffering for stocks. He takes note of the historic inverse relationship between the capital gains tax rate and the S&P 500 price-to-earnings multiple. Further, Jones expects a corporate tax hike will hit earnings. A combination of lower earnings and lower multiples isn't a great recipe for higher share prices, he says.Turning to Bitcoin (BTC-USD), Jones says he's an even bigger fan of the crypto now then when he first famously invested a few months ago. "I think we're still in the first inning ... It's got a long way to go."Bitcoin
