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…