Bitcoin’s future appears bright whether you support it or not. That is the message by one billionaire whose business dealings have brought him huge profits. Paul Tudor Jones is a major investor who is now turning his attention onto the bitcoin market. Notably, Tudor is one of the most vocal bitcoin proponents around the world.
In an interview with Yahoo! Finance, the billionaire investor expressed his major optimism for the future success of bitcoin. He is convinced that bitcoin has the steam to head higher. Nevertheless, he acknowledged that the cryptocurrency might experience ups and downs while on its way to the peak. That is normal for any asset and market.
8 – 9 Trillion Dollars
Jones is quite optimistic since he went on to predict that the bitcoin market will be worth a staggering 8 to 9 trillion dollars in the next 20 years. That is beyond the fact that it is quite impossible to derive an ideal forecast of the market for that duration. The confidence shown by Jones is a sign that even the large investors are with bitcoin for the long term.
These predictions are good for the crypto market. Many people have said that in the future, bitcoin may surge to replace gold as the most dependable asset for a store of value.
Currently, Bitcoin’s total market capitalization stands quite tall among the rest of the crypto market, perched at over $350 billion. The top coin is consolidating above $19,000 and many think that bitcoin will surpass $20,000 before the end of December. Bitcoin now commands a 62.6% market dominance in the cryptocurrency space.
Bitcoin Resembles Internet Stocks Of 1999
While speaking out his mind, Jones went on to compare bitcoin’s current state with the internet stocks of 1999. No one knew that the internet was set to achieve explosive successive stories.
But, its time had come and those who joined in early benefited. That is the same case that is playing out in the bitcoin market now.
Tudor Jones has also compared the cryptocurrency market with the metals. In the metal market, there are precious metals like gold and diamond that are more valuable and favored than the rest. In that context, Jones believes that bitcoin might be the ‘precious crypto’ among the cryptocurrencies.