The legendary investor, Paul Tudor Jones compared Bitcoin (BTC) to industrial metals in terms of its use case with precious metals and other cryptocurrencies. A clear indicator of where you think the market will go over the next 20 years.
In a Thursday interview with Julia LaRoche of Yahoo Finance, Jones described his vision of the digital currency market for decades to come.
“I am in no way a bitcoin expert”, Jones said, adding:
“With a market cap of $ 500 billion, this is the wrong capitalization in a world where there are $ 90 trillion in market cap and God knows how many trillion fiat currencies there are.”
Jones was referring to the notion that Bitcoin’s market cap, which is currently $ 358 billion, is too small compared to its use case and future value drivers. He continued:
“Bitcoin reminds me a lot of internet stocks in 1999 because the internet was still in its infancy. Nobody appreciated it because the world of possibility lay before us. “
Jones expects everyone, including sovereign nations, to use “some kind of digital currency” over the next 20 years. At this point in time, the digital currency market will be very similar to today’s “complex metals”. Here “precious cryptocurrencies” like Bitcoin will take over the role of gold and transaction cryptos, which fulfill the function of industrial metals like copper and aluminum.
Jones publicly advocated Bitcoin in May when he called the asset the “fastest horse in the race” against inflation. Last week, presented a fractal model based on the development of the gold price in the 1970s to predict an explosive rally in the BTC price over the next year.
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