Jones, in a chat with Yahoo Finance’s Julia LaRoche, highlighted his conception of the cryptocurrency market over the forthcoming decades.
Jones further said “I’m not an expert on Bitcoin by any stretch.”
He stated:
“With a market cap of $500 billion, it’s the wrong market cap in a world where you got $90 trillion worth of equity market cap and God knows how many trillions of fiat currency.”
Jones pointed to the argument that Bitcoin’s market cap, which at the time of writing this article is at $358.11 billion, is minute compared with the use case and value drivers in the future. He further stated:
“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 possibility that lay ahead.”
Wow. Paul Tudor Jones lays out a belief that Bitcoin is new gold and every sovereign nation will have a digital currency.
Starts around 6 min mark.
Remarkable comments to @JuliaLaRoche from one of the legends of Wall Street. pic.twitter.com/RFl38GPW6N
— Pomp 🌪 (@APompliano) December 3, 2020
Jones anticipates all countries would start utilizing “some type of digital currency” in the next two decades. At that time, the crypto market will be much more like “metals complex” of present day, where there is “precious crypto” aka Bitcoin carrying out the role of gold and altcoins serving specific functions acting as industrial metals such as copper and aluminum.
Jones has come forth openly in support of Bitcoin in May when he pointed the digital currency as the “fastest horse in the race” opposing inflation. Only a week before, he presented a fractal model on the basis of gold’s trend in the 1970s to forecast an exponential price rise for Bitcoin in 2021.
The year marks a milestone for Bitcoin as institutions amended the trend of Bitcoin on a permanent basis. Institutions are actively purchasing Bitcoin, causing the price to surge over concerns of shortage as enterprises and big investors pick up all the 900 Bitcoin being generated on a daily basis.
By next year, cryptocurrencies will be a part of Wall Street data feed, facilitating investors to track minute-by-minute price volatility. S&P Dow Jones Indices has stated that it will soon launch crypto indexes on over 550 of the most transacted cryptos.