Billionaire investor turned Bitcoin evangelist, Paul Tudor Jones today said that the “path forward from here is north” for bitcoin, referencing ethereum in his bullish comments.
- Paul Tudor Jones believes that bitcoin’s price is forward-looking even at $19,000.
- Relative to gold and fiat, Bitcoin’s current market cap is “wrong,” he says.
- Tudor Jones also ponders where Ethereum and Tether fit into the digital currency future.
The investor told Yahoo! Finance that he’s “not an expert on bitcoin by any stretch”, but that the “crypto is going to have a crazy rocket ship ride, going up and down along the way.”
His bet? “Bitcoin in particular will be substantially higher in 20 years than where it is right now.” Relative to gold’s “$8 or $9 trillion” market cap, and “God knows how many trillions of fiat currency,” bitcoin’s market capitalisation of $359 billion doesn’t add up, the hedge fund manager said.
According to Tudor Jones, bitcoin is similar to internet stocks of 1999. He told CNBC back in October that “because the Internet was in its infancy, nobody knew how to value it because of the world of possibility that lay ahead. What you can be certain of, is that probably 20 years of now, our kids and grandkids will be using some kind of digital currency”.
Jones went on to say that digital currency will be used by every sovereign nation and cash could 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]?”, he asked.
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“I don’t know. I’m not smart enough to figure that out,” said the billionaire.
Tudor Jones said that the make-up of the crypto industry in the future is analogous to precious metals, saying that you might have “precious crypto”, which could be bitcoin. Given its “historical integrity”, the fact that it’s the original cryptocurrency and the first mover, it has a lot going for it according to Jones.
“Because of its finite supply, that might be the precious crypto.” Then you’ll have more transactional crypto, he said, just like industrious metals such as copper and lead.
While Jones refrained from taking a firm stance on his expectations for the next 10 or 20 years, he conceded that the ‘brand name’ coin like bitcoin is incorrectly priced for the possibilities that it has – in part because we don’t know what those are.
“And I’m going to assume that the path forward from here is north.”
“Crypto’s going to have a crazy rocket ship ride, going up and down along the way. But my guess is, Bitcoin in particular will be substantially higher in 20 years than where it is right now. And who knows what role it has in the monetary system?”
Clearly, Paul Tudor Jones is going down the crypto rabbit hole and has found himself venturing deeper into the altcoin forest. Let’s hope that the bitcoin evangelist doesn’t get lost.
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