Hedge fund billionaire Paul Tudor Jones was one of bitcoin’s strongest advocates in 2020. Today he said “I always have a small amount of bitcoin”, and that he always will.
According to CoinDesk, this is a “attenuation” of his former “optimism for bitcoin”. Paul Tudor Jones went on to say that cryptocurrencies, especially Bitcoin and Ethereum, “will have value at some point,” but he doesn’t know “when.”
When asked about this by CNBC’s Squawk Box reporter, he acknowledged that their value will be “much higher“. Some sources such as Bitcoin Magazine and Will Clemente viewed his remarks as generally positive.
Paul Tudor Jones’ 2020 Bitcoin Price Predictions
In the past, the philanthropist’s talk hasn’t always been accurate bitcoin price predictions in terms of dollar amount, but they were very optimistic :
‘Bitcoin has many characteristics similar to an early investor in a technology company. I think we are in the early hours of bitcoin. He still has a long way to go. Buying bitcoin is like investing with Steve Jobs and Apple or investing early in Google.
Bitcoin has this huge contingent of very, very smart, sophisticated people who believe in it. I’ve come to the conclusion that bitcoin is going to be the best investment in inflation markets, defensive investments, that you would take.” – Forbes, October 2020
At the time of these comments, the price of bitcoin was trading around $13,000 – shortly before its flight to a new historic high of $65,000 in April – followed in November 2021 by $69,000.
Bitcoin price today is $19,000 – Would Paul Tudor Jones be more pessimistic because of these higher levels, in a downward macroeconomic trend, in a context of rising inflation and fears of recession?
CNBC’s brief interview might not be enough to determine whether Paul Tudor Jones is optimistic or pessimistic in the short to medium term.
Many cryptocurrency analysts expect bitcoin to stay in a range and be stuck in a sideways move for the rest of the year and potentially into 2023.
New Cryptocurrency Assets
While Paul Tudor Jones referred to the two biggest cryptocurrencies, BTC and ETH, the new cryptocurrencies including the price is still less than a dollar arguably have greater upside potential.
Crowd favorite XRP may be poised to beat the SEC and break back above the $1 resistance level.
The brand new carbon offset token TAX surpassed the $3.1 million mark during its pre-sale.
The Tamadoge meme coin (TAMA) consolidates around the 4 cent range after a nearly 20x bullish rally in the past two weeks alone, despite the current crypto winter.
Crypto projects can be subject to volatility, don’t invest more than you can afford to lose.