US billionaire Paul Tudor Jones opts for Bitcoin (BTC)
During the week, US billionaire Paul Tudor Jones and Shapeshift CEO Erik Voorhees commented on Bitcoin. According to them, the crypto-currency would still be too low priced in terms of its capabilities.
In an interview with Yahoo Finance on 3 December, Jones said that $500 billion was the wrong market capitalisation for a currency like Bitcoin. In a Immediate Edge world where there is a stock market capitalisation of 90 trillion US dollars, the crypto currency would therefore have to account for a much higher share:
Bitcoin reminds me so much of Internet stocks in 1999 because the Internet was still in its infancy.
Nobody appreciated it because the world of opportunity lay ahead
Jones believes that all nations will use a digital currency within the next 20 years. He believes it is possible that by that time there will be no more cash. He also compared crypto currencies with industrial metals. According to Jones, these could well achieve a certain market value in the future.
A similar view is held by Erik Voorhees, CEO of the crypto stock exchange Shapeshift – and he even goes one step further. He explained that any asset manager who was not familiar with Bitcoin would have to seriously check his premises. On 3 December, he published a tweet which made it clear that Bitcoin had outperformed all value investments many times over in recent years. According to the tweet, Bitcoin is miles ahead of any other investment:
One could forgive not having understood it eight years ago but any asset manager who is not aware of this phenomenon today must seriously examine his premises.
Positive statements in favour of Bitcoin have been accumulating in recent months. 2020 could thus become the year of breakthrough for the crypto currency. In addition, crypto-currencies are officially listed on Wall Street in 2021.