Saturday , May 21 2022

Bitcoin is “wrongly priced for the chances it has,” said Paul Tudor Jones



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The legendary investor, Paul Tudor Jones, has compared Bitcoin (BTC) with precious metals and other cryptocurrencies with industrial metals, in terms of use case, a clear indicator of where you think the market will be headed in the next 20 years.

In an interview on Thursday with Julia LaRoche of Yahoo Finance, Jones described his vision of the digital money market for decades to come.

“I am not a Bitcoin expert in any way”, Jones said, adding:

“With a $ 500 billion market capitalization, it’s the wrong market capitalization in a world where you get $ 90 trillion of market capitalization and God knows several trillion fiat currencies.”

Jones was referring to the idea that Bitcoin’s market capitalization, currently $ 358 billion, is too small compared to its use case and future value drivers. He continued:

“Bitcoin reminds me a lot of 1999 internet stocks because the internet is in its infancy. No one knew how to appreciate it because of the world of possibilities that lay ahead. “

Jones expects everyone, including sovereign nations, to use “some form of digital currency” for the next 20 years. At that time, the market for digital currencies will be much like today’s “complex metals”, where we will have “precious cryptocurrencies” like Bitcoin taking on the role of gold and transaction cryptos that fulfill the function of industrial metals like copper and aluminum.

Jones publicly came out in favor of Bitcoin in May when he described the asset as the “fastest horse in the race” against inflation. Last week, introduce a fractal model based on a gold trajectory in the 70s to predict an explosive rally in BTC’s price next year.

2020 could turn out to be the year when organizations permanently change the trajectory of Bitcoin. Institutional fingerprints are everywhere in the alarming shortage of Bitcoin that drives prices higher as large-scale corporations and investors buy all 900 BTCs that are mined daily.

Crypto assets will officially hit Wall Street data sources in 2021, allowing investors to monitor price movements per minute.. S&P Dow Jones Indices announced Thursday that it will soon introduce cryptocurrency indexes in more than 550 of the most traded currencies.

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