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Bitcoin’s latest billionaire evangelist: Paul Tudor Jones

Photo of: Joseph Stone
by Joseph Stone

Billionaire Paul Tudor Jones is once again making a name for himself in the cryptosphere. In a recent update on the state of the post-Covid global economy, the major investor expressed total optimism for the future of Bitcoin (BTC).

Paul Tudor Jones had already caused a sensation in the cryptosphere last May, when this famous hedge fund manager revealed that he had invested between 1 and 2% of his entire fortune in Bitcoin.

In an interview with Yahoo Finance, the billionaire once again showed that he was a great crypto-enthusiast.

With the vaccines that should counter the Covid-19 epidemic, Paul Tudor Jones explains: “The vaccine will bring back economic dynamism. We’re going to have an incredible rebound in growth…[Bitcoin] is not [currently] priced [properly] for the opportunities it offers. And I’m going to assume that the way forward from here is up north. »

In addition, Jones points out that, if he considers that BTC is not yet well valued, it is in comparison with other existing assets: “In a world where you have $90 trillion in market capitalization, and God knows how many thousands of billions of dollars in currency, etc., you can’t afford to lose money. Bitcoin has not yet reached its correct valuation, for example, compared to gold, which has a total valuation of between $8 trillion and $9 trillion. »

He also compares Bitcoin to the Internet in the years 1999-2000. At that time, no one knew “how much to value” this nascent technology because of the incredible number of possibilities it could offer.

Faced with all this, Jones seems ready to hold his Bitcoins for a while: “the cryptos market is well on its way to exploding like a crazy rocket, going up and down along the way. But in my opinion, the price of Bitcoin, in particular, will be much higher in 20 years than it is now. And who knows what role it will play in the monetary system? »

Like precious metals, such as gold, the billionaire believes that there will be “precious cryptos” emerging from the market. And again, Bitcoin is among his favorites.

So much optimism for this new asset class of cryptocurrencies is good to see, especially from a leading investment specialist. Bitcoin, in any case, seems to have a special place in the financial heart of Paul Tudor Jones.