Jones described his vision of the digital currency market over the next few decades in an interview with Yahoo Finance’s Julia LaRoche on Thursday.
“I’m not an expert on Bitcoin by any stretch,” Jones said, adding: “With a market cap of $500 billion, it’s the wrong market cap in a world where you got $90 trillion worth of equity market cap and God knows how many trillions of fiat currency.”
Jones was referring to the notion that Bitcoin’s market capitalization, which is currently at $358 billion, is too small relative to its use case and future value drivers. He continued: “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.”
Jones predicts that everyone will use “some type of digital currency” in the next twenty years, including sovereign nations. At the time, the digital currency will be more like today’s “metals complex,” where you have “precious crypto” such as Bitcoin, which plays the role of gold and transactional crypto serving representing industrial metals such as copper and aluminum.
Jones came out openly in favour of Bitcoin in May when he described the asset as the “fastest horse in the race” against inflation. Just last week, he presented a fractal model based on the gold trajectory in the 1970s to forecast BTC’s explosive price surge next year.
2020 may be the year in which institutions have permanently changed Bitcoin’s trajectory. In the alarming Bitcoin shortage that is pushing prices higher, institutional fingerprints are all over the alarming Bitcoin shortage, as companies and large-scale developers scoop up each day all of the 900 BTC being mined. In 2021, crypto assets will formally hit Wall Street data feeds, empowering investors to track market changes minute-by-minute. On Thursday, S&P Dow Jones Indices announced it would shortly debut cryptocurrency indexes on more than 550 of the top coins traded.