The video is more bitcoin-interesting at 7:25 mark. https://finance.yahoo.com/news/paul-tudor-jones-on-bitcoin-180803661.html Paul Tudor Jones makes bull case for bitcoin: 'The path forward from here is north' Julia La Roche ·Correspondent Thu, December 3, 2020, 10:08 AM PST·4 min read Paul Tudor Jones is embracing a “hodl mentality” on Bitcoin (BTC-USD). The cryptocurrency, which scaled a record high this week, is on a "crazy rocket ship ride” that’s set to go higher, according to the veteran investor and trader. While Jones doesn't consider himself a cryptocurrency expert "by any stretch," he told Yahoo Finance that he expects the digital coin will be "substantially higher" in 20 years. On Thursday, Bitcoin — which has surged 113% since May — was trading north of $19,300 with a $359.37 billion 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," Jones said in an exclusive interview. "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 added. He added that Bitcoin reminds him of internet stocks in 1999 when the internet was in its infancy."No one knew how to value it because of the world of possibility that lay ahead," Jones said. Back then, few had an idea of how the Internet would play out as some companies crashed and never came back. Others, however, ended up as dominant worldwide players. "My guess is that's what we're going to sort through— that kind of crazy competition, winners and losers, et cetera in the digital world," Jones said. ‘The fastest horse’ NEW YORK, NY - MAY 14: Founder of The Robin Hood Foundation, Paul Tudor Jones speaks on stage during The Robin Hood Foundation's 2018 benefit at Jacob Javitz Center on May 14, 2018 in New York City. (Photo by Kevin Mazur/Getty Images for Robin Hood) In a May investor letter, the Tudor Investment Corp.'s founder and CIO provided a lengthy discussion in an investor memo on how Bitcoin can serve as an inflation hedge, as monetary expansion funds additional debt, which was already sky high before the pandemic hit. At the time, Jones ranked Bitcoin as No. 4 on his list of inflation hedges, calling it an investable asset that falls into the category of a store of value and is semi-transactional. He noted that his profit-maximizing strategy was "to own the fastest horse" among the cryptocurrencies. Meanwhile, Jones is certain of is the digitization of money is the future, especially as more central banks move toward their own digital currencies. He predicted that current generations and sovereign governments will eventually use their own versions of crypto. "They may have their own digital currency, whatever. They'll be very, very, very commonplace at that point in time. Cash may be gone,” he told Yahoo Finance. “And so in that world, where does Bitcoin fit in, as well as some of the other cryptocurrencies?" he asked. If Jones had to guess, he thinks the future of Bitcoin is "going to be a lot like the metals complex," where you have ‘precious’ digital coin. Bitcoin is “the first crypto, first-mover in a world that's so compressed. It has that historical integrity within digital currencies that it will always have …And again, because of its finite supply, that might be the precious crypto," he added. What's more, the future might lend to more transactional cryptocurrencies along with the sovereigns' digital currencies. "And they may be more like the industrial metals, so where you have gold as a precious metal, and then you've got copper and platinum, palladium, et cetera that are industrial — lead, aluminum, industrial metals. You may have precious crypto, and you may have industrial crypto," he said. While it's impossible to know what the next 10 or 20 years will look like, Jones said if he had to take a position on it, it's going to be "the brand name," which is Bitcoin. He also expects that sovereigns will fight back against cryptocurrencies, similar to what happened with gold in the 1930s when the federal government seized it. "We were all actually on the gold standard because of its neutrality. And then, of course, we came off. They banned it. But it had appeal,” the investor explained. “It's hard to understand what the future of a currency, any particular currency, is going to be," Jones added.
So he's on the FOMO trade, like everyone else. Just a man, so sad. Where was he when BTC was at 3000 two years ago? Here ya go, Paul Tudor Jones, legendary guesser who gets lucky once in a while. Fucking jamoke. Oh, to have OPM to play with. What a ride!
He was probably accumulating when ET bitcoin haters were calling for lower price. This is PTJ, he's not interested in making more $$$ just like Druckenmiller, they already have so much wealth. They are looking at it from a much different view than regular people, they see an inflation hedge against Trillions of $ of printing and currency debasement. Lots of rich folks are doing the same thing. Fidelity reported something like 70% of their clients invested in bitcoin and 90% will be adding more, but ET haters are still calling ponzi, yea, uhm, keep missing it, dudes...
Paul Tudor Jones, Great Monetary Inflation PDF, was published in early May when Bitcoin was about $9000.
When the value of a $20,000 USD car goes from 2 BTC to 1 BTC in a month, you can be damned sure I will call foul on the BTC. After all, until the BTC becomes the base unit of currency for the world, all 21 million of them, it will be worth nothing on it's own. Only against the USD. Until the power goes out, or the exchange gets hacked and 1,000 BTC get stolen. And then?
3 years ago, it was clearly a retail bubble as I couldn't open YouTube without James Altucher or Tai Lopez tell me about crypto. I kept hearing that the institutions were coming but they really weren't. Now, institutions can't ignore it, if only for the fact that it is still around and outperforming everything.
Bullshit. 70% of Fidelity's clients are not invested in Bitcoin unless someone is trying to make the claim that anyone who owns a S&P500 ETF is invested in Bitcoin because PayPal and Square are part of the S&P500. I don't blame Jones or anyone for having some exposure to Bitcoin as a purely speculative gamble. But that was the weakest endorsement I have heard him make on anything. "And I'm going to assume that the path forward from here is north"...assume? Don't assume, tell us why. And comparing something which many people think is in a bubble to the most recent tech bubble is probably not the best way to convince people to join your investment thesis. At least many of the internet businesses that failed had a clear business model and people could see the value of ordering 20 pounds of dog food over the internet instead of going to the store to pick it up. Few are using Bitcoin as a means of exchange and something that loses 60-70% in under a month as Bitcoin did last March and also Dec 2018 is a very poor store of value. Of course, if he just said, "The market is very frothy and I think it has a good chance of doubling in a few months" that doesn't sound as convincing. If he and these other guys really saw a good fundamental reason to buy it, they would have been loading up on it in March or Dec 2018.
Something got you stressed, dude. You should watch Raoul Pal video, it's much more telling as he disclosed the macro guys exclusive network have been discussing bitcoin and started investing in bitcoin since 2012 in their personal accounts, but could not do so in their managed funds for obvious reasons.