Billionaire Paul Tudor Jones: Bitcoin is below its value compared to gold and shares
Billionaire Paul Tudor Jones, who announced his investment in Bitcoin in May, said the price of the leading cryptocurrency was up. Jones also stressed that the Bitcoin market is below its value compared to gold and stocks.
“$ 500 billion is not the right market value for Bitcoin in a world where stock markets are worth $ 90 trillion and God knows how many trillion there are in fiat currencies, Paul Tudor Jones, a prominent freelance fund manager, said in an interview with Yahoo Finance.” he said. Jones also drew a comparison with gold, stressing that the value of Bitcoin against the $ 8-9 trillion gold market is less than it should be.
He likened bitcoin to Internet stocks in 1999
“Because of the world of possibilities ahead, no one knew how to value them, ” the billionaire said, noting that Bitcoin reminded him of shares of internet companies in 1999.” was in the form. “At the time, very few people had an idea about the future of the Internet, as some companies collapsed and never recovered, ” Jones said. Others, however, became dominant players around the world.” said.
The billionaire, who says he is confident that sovereign digital currencies will dominate economies and finance in 20 years, thinks States will resist cryptocurrencies, as they did when the federal government seized gold in the 1930s. Comparing alternative currencies to “industrial metals” that may have market value in the future, Jones said he would personally stick to Bitcoin, a brand value.
Jones announced in May that he was devoting 1-2 percent of his Billion-Dollar Portfolio to Bitcoin.