“
‘Bitcoin reminds me so much of the internet stocks of 1999 because the internet was in its infancy. No one knew how to value it because of the world of possibility that lay ahead. What you can be certain of is that probably 20 years from now, our kids and grandkids, whatever, all of us, we’ll be using some type of digital currency. Digital currency will be used by every sovereign.’
”
That is billionaire investor Paul Tudor Jones in a Thursday interview on Yahoo Finance expressing his optimism about bitcoin and its ilk.
The prominent hedge-fund luminary has been among the traditional investors who is considered in the decidedly bullish cryptocurrency camp.
Jones said he projects that the “path forward from here” for bitcoins
BTCUSD,
the No. 1 cryptocurrency in the world, is eventually “north.”
Back in the late spring Jones said, writing in a research note, that unprecedented money-printing and stimulus measures by the Federal Reserve and the U.S. government amid the COVID-19 pandemic were the key reasons behind his newfound appetite for the world’s most prominent cryptocurrency.
At last check, bitcoin prices were changing hands at $19,410, up 0.9% on the day.
His comments come as bitcoin prices have surged more than 170% so far in 2020 amid a groundswell of institutional interest in the virtual currency that has only been around since 2009.
By comparison, the Dow Jones Industrial Average
DJIA,
is up 5.4% so far this year, the S&P 500 index
SPX,
has gained nearly 14% during the same period and the Nasdaq Composite Index
COMP,
has advanced over 38% in the year to date. Gold
GOLD,
meanwhile, has climbed 21% thus far this year