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Famed hedge fund manager Paul Tudor Jones has updated his view on bitcoin. Envisioning a bullish future similar to \u201cthe metals complex where you have precious crypto,\u201d he says that $500 billion is the wrong market cap for bitcoin, given all the \u201cpossibilities that it has.\u201d He expects that the path forward for bitcoin from here is \u201cnorth.\u201d<\/strong><\/p>\n 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.<\/p>\n 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<\/a> in bitcoin.<\/p>\n During the interview with Yahoo Finance\u2019s Julia La Roche Thursday, Jones admitted that he is \u201cnot an expert on bitcoin by any stretch.\u201d However, the billionaire hedge fund manager said:<\/p>\n With a market cap of $500 billion, it\u2019s the wrong market cap in a world where you\u2019ve got $90 trillion worth of equity market cap, and God knows how many trillions of fiat currency, etc.<\/p>\n<\/blockquote>\n \u201cSo, it\u2019s the wrong market cap, for instance, relative to gold, which is $8 or $9 trillion,\u201d he added. \u201cBitcoin 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.\u201d Bitcoin\u2019s current market cap is approximately $350 billion.<\/p>\n Jones continued: \u201cWhat 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\u2019ll 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\u2019t know. I\u2019m not smart enough to figure that out.\u201d<\/p>\n He elaborated: \u201cIf I really have to kinda guess what the future is going to be. It\u2019s going to be a lot like the metals complex where you have precious crypto. That might be bitcoin. It\u2019s the first crypto, first mover in a world that\u2019s so compressed. It has that historical integrity within digital currencies that it will always have.\u201d<\/p>\n Furthermore, Jones noted: \u201cBecause of its finite supply, that might be the precious crypto. Then you\u2019re 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\u2019ve got copper and platinum, palladium, etc. that are \u2026 industrial metals. You may have precious crypto and you may have industrial crypto.\u201d<\/p>\n <\/ins> <\/ins> <\/p>\n He clarified, \u201cWhat I do know is that it\u2019s no way possible today to know what the next 10 or 20 years are going be like.\u201d Nonetheless, he shared: \u201cIf I had to take a position on it, I\u2019m going to take the brand name, which is bitcoin,\u201d elaborating:<\/p>\n I\u2019m going to assume that it\u2019s the wrong price for the possibilities that it has. And, I\u2019m going to assume that the path forward from here is north.<\/p>\n<\/blockquote>\n \u201cFor sure, you\u2019re going to see sovereigns fight back against private cryptocurrencies along the way \u2026 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,\u201d Jones concluded.<\/span><\/p>\n Do you agree with Paul Tudor Jones about bitcoin? Let us know in the comments section below.<\/strong><\/em><\/p>\n The post Billionaire Hedge Fund Manager Paul Tudor Jones Expects Bitcoin\u2019s Market Cap to Grow Beyond $500 Billion<\/a> appeared first on Bitcoin News<\/a>.<\/p>\nPaul Tudor Jones Expects Bitcoin\u2019s Price to Head \u2018North\u2019<\/h2>\n
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