As cryptoassets wage a bloody battle for survival and the top, authorities will continue their own battle against private cryptocurrencies as before, said well-known hedge fund manager and Bitcoin bull Paul Budor Jones. Even so, crypto is still young, and BTC in particular could go “north” and possibly become the only valuable crypto to be accompanied by “industrial” altcoins, he said.
“The states will certainly defend themselves against private cryptocurrencies,” said Tudor Jones in a recent interview with Yahoo Finance, as the competition for survival in the digital world increases. He compared this fight to what gold had witnessed in the US a century ago, which resulted in a ban in 1933.
But gold has caught on, the entrepreneur added, “because it was the only thing that was constant,” especially when you consider the condition of the fiat – it’s hard to understand when you think about the geopolitical shake over the past 20 years what the future of […] It will be a certain currency, “he said. While the role of crypto and Bitcoin in particular remains to be determined, the number one coin will certainly be higher in a few decades, argued Tudor Jones said:
“I think crypto will have a crazy rocket ship going up and down its path, but I expect Bitcoin in particular will be way higher in 20 years than it is now and who knows what role it plays in the monetary system.”
As reported, popular generalist investor and Swan bitcoinLyn Alden, BTC investing advisor, recently argued that regulatory hostility is still a risk to watch out for while BTC’s market cap is below $ 1 billion. However, according to her, it will only make it harder for global governments to ban it as many big players, be they corporations or individuals, even politicians, are now concerned with crypto.
BTC is so young that it is undervalued. Specifically, Tudor Jones said it is “the wrong price for the opportunities it has” and that Bitcoin’s market cap of $ 361.2 billion is “the wrong market cap” compared to “many trillion” in the stock market, in fiat and gold. He said Bitcoin reminded him of internet stocks in 1999, when the internet was still in its infancy. “Nobody knew how to appreciate it because of the world of possibilities that lay ahead.”
That said, every state will end up using a digital currency, according to them Tudor Investment Corporation Founder. “You can be sure that in 20 years’ time our children and grandchildren, whatever we all are going to be using some kind of digital currency. The digital currency is used by every sovereign. They are going to have their own digital currency, whatever. You will be very, very, very common at this point. “
In this world where cash could be gone, Tudor Jones said he doesn’t know where Bitcoin or altcoins like Ethereum (ETH) fit, but assumes that “it will be very similar to the metal complex” – it could be valuable Crypto (possibly BTC due to its limited supply) while others would be industrial crypto while some could also be transactional crypto.
Meanwhile, Fidelity digital assets President Tom Jessop doesn’t think the world’s first crypto is now a true store of value, but he stated that it won’t stop investors. Jessop was quoted from Reuters with the words: “We use the word” potential store of value “because Bitcoin is still extremely volatile and would in no way achieve the cloak of a real store of value. […] But ambitious it is, and that’s one of the reasons so many investors are now considering this space constructively. “
At the time of writing (9:47 UTC), BTC is trading at USD 19,370. It stayed the same in a day and increased nearly 16% in a week.
Check out the entire interview with Paul Tudor Jones:
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