- Bitcoin has seen a strong rally over the past few months on institutional interest in the cryptocurrency.
- The coin currently trades just shy of all-time highs at $19,500. BTC is expected to move even higher as adoption continues to swell.
- Paul Tudor Jones once again supported Bitcoin publicly with a recent Yahoo Finance interview.
- He said that he thinks BTC’s market cap is undervalued, relative to other asset classes.
Bitcoin Once Again Backed by Paul Tudor Jones
Bitcoin has seen a strong rally over the past few months on institutional interest in the cryptocurrency. The coin currently trades just shy of all-time highs at $19,500. BTC is expected to move even higher as adoption continues to swell.
Paul Tudor Jones, a billionaire Wall Street investor, may accelerate adoption once again as he continues to throw his weight behind Bitcoin.
The famous investor said in May that he thinks Bitcoin will be an extremely viable investment in this world of macroeconomic inflation. He added that he thinks that Bitcoin will be the “fastest horse in the race” when it comes to large asset classes such as stocks, commodities, and bonds.
He doubled down on his support for Bitcoin in a recent interview with Yahoo Finance, when he said that the coin’s market cap is severely undervalued when considering macro trends:
“With a marketcap of $500 billion, it’s the wrong marketcap in a world with $90 trillion of equity and who knows how many trillion of fiat currency…it’s the wrong price for the possibilities it has”
"With a marketcap of $500 billion, it's the wrong marketcap in a world with $90 trillion of equity and who knows how many trillion of fiat currency…it's the wrong price for the possibilities it has"
— Joseph Todaro (@JosephTodaro_) December 3, 2020
Tudor Jones also said in a recent interview that investing in Bitcoin is like investing in Google or Apple early on into their lifespans. He further likened the current Bitcoin space to the technology space in the 1990s and early 2000s.
Wall Street Support Abound
Tudor Jones’ positive comments about Bitcoin comes as many Wall Street investors have thrown their weight behind the cryptocurrency.
Stanley Druckenmiller, one of Tudor Jones’ peers and another billionaire financier, commented to CNBC a number of weeks ago;
“Bitcoin could be an asset class that has a lot of attraction as a store of value to both millennials and the new West Coast money and, as you know, they got a lot of it. It’s been around for 13 years and with each passing day it picks up more of its stabilization as a brand.”
Many think that the Wall Street interest in Bitcoin will drive the coin far above current prices toward the $100,000 region and beyond.
In fact, Raoul Pal of Real Vision recently said that he thinks the cryptocurrency could hit $500,000 in the coming years alone on the back of this institutional support for the leading crypto.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k