Paul Tudor said that in the next 20 years, digital currencies will be similar to the “complex metals” of today. Here Bitcoin will be the “precious crypto” assuming the role of Gold and other transactional cryptocurrencies will be industrial metals like aluminum and copper.
Legendary investor and hedge fund manager Paul Tudor is betting big on Bitcoin. In his recent interview with Yahoo Finance, the investor compared Bitcoin with precious metals and other cryptocurrencies to industrial metals in terms of the use case.Besides, he also predicts that in the next 20 years, sovereign digital currencies will completely replace cash. Bitcoin has already surged more than 150% year-to-date. Interestingly, Paul Tudor says that Bitcoin is still undervalued when compared to Gold and Equities. During the interview, the investors said:
“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. $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.”
Paul Tudor also draws an analogy between Bitcoin and internet stocks of the 1999s. Just as during the internet bubble, it was difficult to value some quality internet companies, it’s difficult to value BTC future price today, he notes.
“Bitcoin reminds me so much of the internet stocks of 1999 because the internet was in its infancy. No one knew how to value it because of the world of possibility that lay ahead,” he added.
This is not the first time that Paul Tudor has openly spoken about Bitcoin. Back in May, he described Bitcoin as the “fastest horse in the race” against inflation. He also stated that he has 1-2% exposure to Bitcoin from his multi-billion-dollar portfolio.Paul Tudor and Other Wall Street Billionaires Supporting BitcoinIn recent months, Bitcoin has received major endorsements from billionaire investors and Wall Street hedge fund managers. Paul Tudor is not the only billionaire with exposure to BTC.Larry Fink, CEO of one the largest asset management companies BlackRock said that he believes Bitcoin will become a global asset. “Bitcoin has caught the attention and the imagination of many people. Still untested, pretty small market relative to other markets,” he said.Another veteran investor Raoul Pal recently noted that he will liquidate all his gold holdings and invest it into Bitcoin and Ethereum. Similarly, during an interview with CNBC last month, self-made billionaire Stanley Druckenmiller said that he owns Bitcoin as a hedge against the falling US Dollar.Apart from this, many big financial institutions are ready to pour a massive sum into Bitcoin. The Grayscale Bitcoin Trust (GBTC) has grown 200% in size and currently holds $10.5 billion worth of BTC.next Share:
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