10:29
Billionaire Hedge Fund Manager Paul Tudor Jones Expects Bitcoin's Market Cap to Grow Beyond $500 Billion

Famed hedge fund manager Paul Tudor Jones has updated his view on bitcoin. Envisioning a bullish future similar to “the metals complex where you have precious crypto,” he says that $500 billion is the wrong market cap for bitcoin, given all the “possibilities that it has.” He expects that the path forward for bitcoin from here is “north.”

Paul Tudor Jones Expects Bitcoin’s Price to Head ‘North’
Paul Tudor Jones was again asked about bitcoin in an interview on Yahoo Finance on Thursday. The founder of asset management firm Tudor Investment Corp. became famous after predicting and profiting from the 1987 stock market crash.

He caught the attention of the crypto community in May when he wrote that bitcoin was a great inflation hedge and revealed that he put about 2% of his portfolio in the cryptocurrency. Jones later stated that he sees massive upside in bitcoin.

During the interview with Yahoo Finance’s Julia La Roche Thursday, Jones admitted that he is “not an expert on bitcoin by any stretch.” However, the billionaire hedge fund manager said:

With a market cap of $500 billion, it’s the wrong market cap in a world where you’ve got $90 trillion worth of equity market cap, and God knows how many trillions of fiat currency, etc.

“So, it’s the wrong market cap, for instance, relative to gold, which is $8 or $9 trillion,” he added. “Bitcoin reminds me so much of the internet stocks of 1999 because the internet was in its infancy. No one knew how to value it because of the world of possibilities that lay ahead.” Bitcoin’s current market cap is approximately $350 billion.

Jones continued: “What you can be certain of is that probably 20 years from now, our kids and grandkids, whatever, all of us will be using some type of digital currency. Digital currency will be used by every sovereign. They may have their own digital currency, whatever. They’ll be very, very, very commonplace at that point in time. Cash may be gone. And so in that world, where does bitcoin fit in, as well as some of the other cryptocurrencies, where does ethereum or tether [fit in]. I don’t know. I’m not smart enough to figure that out.”

He elaborated: “If I really have to kinda guess what the future is going to be. It’s going to be a lot like the metals complex where you have precious crypto. That might be bitcoin. It’s the first crypto, first mover in a world that’s so compressed. It has that historical integrity within digital currencies that it will always have.”

Furthermore, Jones noted: “Because of its finite supply, that might be the precious crypto. Then you’re going to have transactional cryptocurrencies along with the sovereigns. And they may be more like the industrial metals. So where you have gold as the precious metal, then you’ve got copper and platinum, palladium, etc. that are … industrial metals. You may have precious crypto and you may have industrial crypto.”

He clarified, “What I do know is that it’s no way possible today to know what the next 10 or 20 years are going be like.” Nonetheless, he shared: “If I had to take a position on it, I’m going to take the brand name, which is bitcoin,” elaborating:

I’m going to assume that it’s the wrong price for the possibilities that it has. And, I’m going to assume that the path forward from here is north.

“For sure, you’re going to see sovereigns fight back against private cryptocurrencies along the way … I think crypto is going to have a crazy rocket ship ride up and down along the way. But, my guess is that something like bitcoin, in particular, will be substantially harder 20 years from now than where it is right now. And who knows what role it has in the monetary system,” Jones concluded.

Do you agree with Paul Tudor Jones about bitcoin? Let us know in the comments section below.

Source:news.bitcoin.com

 

BACK TO NEWS LIST

Start mining bitcoin now

Start trading bitcoin now

Category: News | Views: 55 | Added by: rozhkovagency | Tags: #Bitcoin #Bitcoin markets #BTC | Rating: 0.0/0
Total comments: 0
Name *:
Email *:
Code *:
[19.01.2021][News]
Ethereum price inches closer to a new all-time high as Bitcoin consolidates (0)
[19.01.2021][Analytics]
Bitcoin Becomes Most-Crowded Trade After Passing ‘Long Tech’: Bank of America Survey (0)
[19.01.2021][News]
Looking for something on which to spend all that bonus Bitcoin? How about The Hoff's very own KITT? (0)
[19.01.2021][News]
Ruffer Investment explains decision to purchase Bitcoin (0)
[19.01.2021][News]
Grayscale holds the key to Bitcoin hitting $40K, says JPMorgan (0)
[19.01.2021][Analytics]
ETHEREUM HITS THREE-YEAR HIGH AS BITCOIN VOLATILITY DIMS; RECORD HIGHS AHEAD? (0)
[19.01.2021][News]
Four of the top 70 crypto assets by market cap are Bitcoin (0)
[19.01.2021][News]
IS IT TIME TO BE BEARISH ON BITCOIN RIGHT NOW? (0)
[19.01.2021][News]
'Pay attention' — Grayscale adds 18x the Bitcoin mined supply in one day (0)
[19.01.2021]
Bible quotation found in Bitcoin block number 666,666 (0)

BACK TO NEWS LIST