Paul Tudor Jones: Bitcoin Market Set for ‘Crazy Rocket Ship Ride’

In the letter

  • Paul Tudor Jones believes the road for the price of Bitcoin is north.
  • In relation to gold and fiat, Bitcoin’s current market capitalization is “wrong,” he says.
  • Tudor Jones is also considering where Ethereum and Tether fit into the future of the digital currency.

Paul Tudor Jones, the billionaire investor, became a Bitcoin evangelist today said that the “way forward from here to the north” is for the crypto asset.

“I’m not an expert on bitcoin,” he said Yahoo! Finances, but said that “Crypto is going to have a crazy rocket ship ride going up and down the way.”

His guess? “Bitcoin in particular will be much higher in 20 years than it is now.” Given its $ 8 or $ 9 trillion market cap and “God knows how many trillion fiat currencies,” Bitcoin’s current market cap of $ 359 billion just doesn’t add up, the hedge fund icon said .

Tudor Jones said Bitcoin reminds him of that Internet stocks from 1999and repeated what he told CNBC in October. “Since the Internet was still in its infancy, nobody knew how to appreciate it because the world of possibilities lay before us. What you can Rest assured that our children and grandchildren will probably be using some kind of digital currency in 20 years, ”he said.

He added that the digital currency is used by every sovereign nation and cash may be gone. “And where in this world does Bitcoin fit in? As well as some of the other cryptocurrencies. Where does Ethereum or Tether come from? [fit in]?

“I don’t know. I’m not smart enough to find out,” said the billionaire whose chops made him his fortune.

Tudor Jones said the composition of the crypto industry in the future will be analogous to metals.

You may have “valuable crypto,” Tudor Jones said. That could be Bitcoin, he said, since it has “historical integrity”; It was the original cryptocurrency and the first pacemaker. “Because of its limited supply, this could be the precious crypto.” Then you have more transactional crypto, he said, as do hardworking metals like copper and lead.

“What I do know is that today it is impossible to know what the next 10 or 20 years will be,” he said.

Urgh, come on, Tudor Jones! give us something!

Ok ok If he would have To take a position, he admits, he would say that a “brand name” coin like Bitcoin is currently at the wrong price for the possibilities it offers – also because we don’t know what it is. “And I assume that the way leads north from here.”

“Crypto is going to do a crazy rocket ride and go up and down. However, I suspect that Bitcoin in particular will be significantly higher in 20 years than it is now. And who knows what role it plays in the monetary system? “

If crypto is a crazy rocket ride Decrypt is here to ride that missile ship with you, Tudor Jones.

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.