Bitcoin has been making headlines a lot these days, especially after the king coin hit an ATH on various exchanges, trading just below $20k.
At the moment of writing this article, BTC is trading in the red,, and the coin is priced at $19,104.03.
Paul Tudor Jones says BTC’s rally just began
Veteran investor and hedge fund manager Paul Tudor Jones is comparing Bitcoin and crypto to the early stages of the internet.
It’s been revealed that during an interview with Yahoo Finance, Jones said that while he is not sure where Bitcoin will be in the financial landscape 10 years from now, he is fairly confident that the digital asset is in the early stages of a major bullish movement.
“So what I do know is that it’s no way possible today to know what the next 10 or 20 years are going to be like and I know if I had to take a position on it I’m going to take the brand name and I’m going to assume that it’s the wrong price for the possibilities that it has and I’m going to assume that the path forward from here is north,” he said.
He also said: “I think crypto is going to have a crazy rocket ship ride, up and down along the way, but my guess is that something like Bitcoin, in particular, will be substantially higher 20 years from now than where it is right now and who knows what role it has in the monetary system.”
Bitcoin’s current market cap is not reflecting its worth
Jones said that Bitcoin’s reputation and the vast possibilities within the digital currency landscape suggest BTC’s current market cap is definitely not reflecting its true worth.
“I’m not an expert on Bitcoin by any stretch, with a market cap of $500 billion – it’s the wrong market cap – in a world where you’ve got 90 trillion dollars worth of equity market cap, and god knows how many trillions of fiat currency etc. it’s the wrong market cap relative to gold which is 8 or 9 trillion,” he explained.