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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.”
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