RT @mdudas: Read Paul Tudor Jones' entire bitcoin thesis here:
"Bitcoin... scores 66% of gold as a store of value, but has a market cap that is 1/60th of gold’s. Something appears wrong here and my guess is it is the price of Bitcoin"
Yeah he seems to take a long run view of BTC based solely on its structural characteristics.
I’m not sure that I agree re: BTC, but seeking refuge in Gold, the Yield Curve, NASDAQ 100, TIPS, and GSCI makes a lot of sense if you’re concerned about hyper-inflation.
Using gold as a guide, it saw 9x growth from $100 followed by correction. This means Paul Tudor Jones likely has a sell target of between $80k-90k for BTC provided he expects the same scale. Gold corrected to $600, which would mean an appropriate price to buy back in to BTC should be around $60k.
Bitcoin had an overall score nearly 60% of that of financial assets but has a market cap that is 1/1200 of that. It scores 66% of gold as a store of value, but has a market cap that is 1/60 of gold’s outstanding value. Something appears wrong here and my guess is it is the price of Bitcoin.
This is not even accounting for all of the other amazing advantages bitcoin has like being programmable, insanely portable and salable, easy to take custody of etc. Amazing to see one of the most highly respected and prominent investors of all time recognize this!