When billionaire investor Paul Tudor Jones revealed just last week that he was investing in bitcoin and that he was confident in its status as an exemplary asset, traders were stunned.
Paul Tudor Jones: BTC Is King
It’s not everyday that a billionaire praises BTC, the world’s number one digital asset. In fact, most billionaires – from Mark Cuban to Warren Buffett to U.S. President Donald Trump – have been critical of bitcoin and digital currencies in the past, claiming that they are based on thin air and don’t amount to much when compared with stocks and other assets.
However, Paul Tudor Jones appears to disagree, and his confidence in bitcoin is giving traders newfound reason to celebrate. Now, the billionaire investor believes the coin is about to get bigger than ever as the world moves deeper and deeper into fully digitizing itself, which he thinks, in the long run, will be the biggest help to bitcoin yet.
In a recent interview, he commented:
The digitization of the world clearly benefits bitcoin. My children don’t even carry cash.
As time has gone by, the globe has gone through great lengths to ensure everything remains digital. Many people don’t even keep documents on their computers anymore, but rather keep them reserved to the cloud so they can access them at any time from any device no matter where they are.
In addition, several enterprises, and countries alike – such as Facebook and China – are looking to unveil global or national cryptocurrencies that would potentially assist in banking those who do not have access to standard financial services. By limiting the use of fiat and standard cash, digital money can potentially give users power they never thought they had.
And if our growing reliance on items like smartphones, iPads or tablets aren’t enough to convince you that we’re heading for what appears to be a fully digital era, probably nothing will.
Nevertheless, this seems to be the direction we’re heading, and Jones acknowledges it. Continuing the interview, he comments that this ongoing digitization could potentially lead to further bitcoin use down the line. People could ultimately learn to reject cash and embrace the changes of the world, leading them to accumulate crypto as a means of paying for goods and services. He states:
When you think about every bull market, there’s one common thread: an expanding universe of people who own it. The estimates are between 55 and 70 million people own bitcoin. If you’re buying bitcoin, you’re betting that number [will go up]. There’s little trust in [bitcoin]. We’re watching the birthing of a store of value, and whether that seeds or not, only time will tell.
A Top Asset, Indeed
When asked where he saw bitcoin ranking amongst other assets, he responded:
It might be the best performer of all of them. I think it might be.