Storied hedge fund manager Paul Tudor Jones is betting on bitcoin as the "brand name" cryptocurrency.
- Tudor Jones said he is certain that sovereign digital currencies will dominate economies and finance in 20 years. "Cash may be gone," he said, "and so in that world where does bitcoin fit in?"
- "I'm going to assume that it's at the wrong price for the possibilities that [bitcoin] has and I'm going to assume that the path forward from here is north," said Jones, who compared the difficulty in valuing bitcoin to the difficulty of valuing internet stocks in that sector's early days.
- He also compared alternative cryptocurrencies to "industrial metals" that may well have market value in the future. But he's personally sticking with the "brand name" crypto, bitcoin.
- Tudor Jones revealed in May that bitcoin comprises 1% to 2% of his multi-billion-dollar portfolio.