Legendary macro hedge fund manager Paul Tudor Jones has more bullishness to share about Bitcoin.

After investing in Bitcoin in May and calling it an inflation hedge, in an interview with Yahoo Finance on Thursday, Jones sprinkled more bullishness in the form that he believes Bitcoin is extremely undervalued.

Bitcoin is at the “wrong price,” for all the possibilities it has, said Jones. The digital asset is currently trading just $19,000 with a market cap of $349 billion after a sharp $625 drop over the course of an hour. But has regained some of that correction.

“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.”

He further compared bitcoin’s market capitalization with that of equity, fiat currency, and of course, the $8 trillion market cap gold, and in his view, it is simply “wrong.”

“I'm not an expert on Bitcoin by any stretch; it's just with the market cap of $500 billion… it's the wrong market cap in a world where you've got 90 trillion dollars worth of equity market cap, and god knows how many trillions of fiat currency.”

Jones actually expects “an explosion” of economic growth next year because of the coronavirus vaccine as well as a rebound in risk appetite with Congress and the Fed pumping more stimulus.

Jones' bullishness also comes from Bitcoin reminding him, “so much of the internet stocks in 1999.”

At the time, the internet was in its infancy, and no one knew how to value it because of the world of possibility that lay ahead, said the CIO and founder of Tudor Investment Corp.

And much like internet companies that were owned despite the crash did incredibly well and ended up becoming dominant players in the world, cryptos will too.

But Jones is certain of one thing, which is “20 years from now our kids and grandkids, all of us will be using some type of digital currency.” In the future, digital currency will be very commonplace, and “cash may be gone.”

As for where Bitcoin will fit in that future, or Ethereum or Tether for that matter, Jones guesses that “it's going to be a lot like the metals complex.”

As per this, we will have precious crypto and industrial crypto. Much like precious metal gold, Bitcoin might be the precious crypto —

“the first crypto, the first mover in the world that's so compressed it has that historical integrity within digital currencies that it will always have and again because of its finite supply that might be the precious crypto.”

Other cryptos will be more like the industrial metals such as copper, platinum, and palladium that will be transactional cryptocurrencies said the investor.

However, Jones maintained that it is in no way possible to know today what the next 10 or 20 years are going to be like, but “If I had to again, take a position on, I'm gonna, I'm gonna take the brand name which is Bitcoin,” he added.

Coin Market Cap

24 Hour Volume

24 Hour Change

Similar to Notcoin - Blum - Airdrops In 2024

origin »

318 +