Storied hedge fund manager Paul Tudor Jones is betting on bitcoin as the “brand name” cryptocurrency.
- Speaking in a Thursday interview with Yahoo Finance, Tudor Jones said that "$500 billion is the wrong market cap [for bitcoin] in a world where you've got $90 trillion equity market cap and God knows how many trillions in fiat currency." Bitcoin's current market cap is $359 billion.
- 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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.