Copy link
Increase text size
Decrease text size
Link copied

$500 billion is the wrong market cap for Bitcoin (BTC), says hedge fund manager

Paul Tudor Jones says that even if BTC's market cap reaches $500 from its current $359B, the crypto will still be undervalued compared to gold.

Image by MasterTux from Pixabay

Fri, 04 Dec 2020, 08:33 am UTC

Bitcoin (BTC) soared above $19,000 and excited cryptocurrency investors are eagerly waiting to see if the crypto will manage to surpass December 2017’s all-time high. However, a well-known hedge fund manager is still bullish that the crypto still has room to grow above a $500 billion market capitalization.

Currently trading above $19,000, Bitcoin’s market cap rose to $359 billion, based on data from Coinmarketcap. However, hedge fund manager Paul Tudor Jones believes that even if BTC’s market cap rises to $500 billion, the token will still be undervalued compared to gold.

“With a market cap of $500 billion, it’s the wrong market cap in a world where you’ve got $90 trillion worth of equity market cap and God knows how many trillions of fiat currency, etcetera... it's the wrong market cap, for instance, relative to gold, which is $8 or $9 trillion,” Paul Jones said, according to Coindesk.

At the moment, no one really knew how to value BTC because it, and the cryptocurrency industry in general, is still in its infancy. “Bitcoin reminds me so much of the internet stocks of 1999 because the internet was at its infancy,” Paul Jones added in an interview with Yahoo Finance. “No one knew how to value it because of the world of possibility that lay ahead.”

The fund manager likewise predicted that everyone will be using digital currency such as crypto two decades from now as well as the disappearance of cash. In fact, most countries will probably be issuing their own central bank digital currencies (CBDC), a trend that is already in full swing in a few nations such as China, which is already testing out its digital yuan in the real world.

“What you can be certain of is that probably 20 years from now, all of us will be using some time of digital currency,” he added. “Digital currency will be used by every sovereign. They may have their own digital currency, they’ll be very commonplace at that point in time. Cash may be gone.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.12.12 07:21:57
I am a crypto currency trader and i make over 200% daily trading all day and night and also by passing even when market is down and others are resting , If you are interested, I can teach you how to trade and also help you achieve your goal in life with crypto i can turn 4 btc into $340,000.00 in less than four weeks, now that bitcoin has high prices...please note that crypto currency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins , bitcoin can also be traded for Ethereum, Litecoin, United States Dollar, Ripple, Euro, IOTA, and other stocks you need to put to trading on a daily basis with a very correct strategy and a target of profit as you get into the trading market with your capital. Also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more info....contact me on WhatsApp +1(206)-742-5358 we bless the lord for a year well spent .
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $36,642.50 (+1.08%)
  • Ethereum (ETH) $1,257.41 (+0.94%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Cardano (ADA) $0.371500 (-3.70%)
  • Litecoin (LTC) $152.14 (+5.75%)
  • Bitcoin (BTC) $36,642.50 (+1.08%)
Jan 27, 2021 (Wednesday)
13:02
BTC Surges by 1.02% Within 5 Mins, Marking 30,954 USDT
11:43
BTC Drops by 1.01% Within 5 Mins, Marking 31,271.8 USDT
10:40
F2Pool To Suspend Payment Of CKB Mining Earnings On Jan 28
10:18
Whitepaper Of MOV Lending Protocol Released
10:02
BTC Tops List Of Crypto Net Outflows With $102.40 Mln In Past 18 Hours
09:59
UN Stamps Launches Ethereum-Powered UN Crypto Stamp
09:55
Huobi Global To Suspend ADA Deposits And Withdrawals
09:54
SushiSwap Falls Victim To Attack Again, And Hacker Make A Big Fat Profit
09:35
Ripple Client ACI Chosen For Fed’s Pilot Program, While One More Exchange Joins RippleNet
09:14
BTC Drops Below 31000 USDT
09:05
CoinNess DeFi Report: Assets Locked In DeFi Mark $35.74 Billion
08:54
Furucombo Partners With Synthetix
08:24
EY’s Paul Brody Expects Consumer DeFi Ignition In 2021
08:22
F2Pool: VTC Is Expected To Conduct Hard Fork On Jan 30
08:19
Independent Reserve Announces To Delist BSV
07:14
OKEx: Props Token (PROPS) Now Available
06:30
Ripple Hit With Yet Another Lawsuit Over Securities Law Violations
06:21
Effective Hashrate Of Filecoin's Entire Network Marks 2.116 EiB
06:19
24H Trading Volume Of Uniswap Tokens Marks $710 Mln
04:54
Plasm Network announced that ZK Rollups integration test has been successfully completed.
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft