Buckle Up! Wall Street Legend: Altcoins are like industrial metals, Bitcoin is the "new gold", and the frenzy of encrypted spacecraft is about to take off

Despite having previously expressed bullish views on Bitcoin, legendary investor Paul Tudor Jones reiterated the possibility of Bitcoin being undervalued in a recent interview with Yahoo Finance, and for the first time, he also shared his opinions on other cryptocurrencies and altcoins.

Bitcoin's Undervaluation

Jones, an early American hedge fund manager, founded Tudor Investment at the age of 25. He demonstrated outstanding performance during the financial crises of 1987 and 2008, gaining immense reputation. He once achieved over 99% returns for five consecutive years and maintained a record of no losses for 28 years.

In an interview with Yahoo Finance, he outlined his vision for the future of cryptocurrency over the next few decades, believing that the current market value of Bitcoin is severely underestimated. He stated:

Regardless, I'm no Bitcoin expert, but in this world where stock market values reach 90 trillion US dollars and who knows how many trillions of fiat currencies are in circulation, a market value of 500 billion US dollars for Bitcoin is incorrect. Bitcoin reminds me of many Internet stocks in 1999 when the internet was still in its early stages, with endless possibilities making it difficult to value. Some companies survived the bubble back then and became world leaders.

He also believes that in 20 years, the next generation of children, everyone, and sovereign nations will have adopted some form of digital currency, with banknotes possibly long gone.

Bitcoin as the New Gold, Altcoins as Industrial Metals

Jones believes that after digital currencies take over, the use cases for Bitcoin, altcoins, and others will become more distinct. He pointed out:

I'm not smart enough to predict the future in its entirety, but if I had to guess, the overall use cases for cryptocurrencies might be somewhat like various precious metals, with the most valuable being Bitcoin, and its historical status will make it immortal.

In addition, he also speculated that in the future, sovereign nations will introduce transactional cryptocurrencies as a medium of exchange, while other functional cryptocurrencies will be like various industrial metals such as copper, platinum, palladium, and so on.

The Crazy Crypto Spaceship is About to Launch

Despite his optimism about the crypto space, Jones believes that government authorities will inevitably intervene. He mentioned the Gold Reserve Act of 1933, when private gold holdings were made illegal in order to uncouple uncontrolled gold from the monetary system to stimulate the economy.

Therefore, he believes that the crypto spaceship will embark on a crazy journey, filled with turbulence along the way, but Bitcoin will undoubtedly be worth far more in 20 years than it is today.