In a Thursday interview with Yahoo Finance’s Julia LaRoche, Jones outlined his vision of the digital currency market over the next several decades.
“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 expects that everyone, including sovereign nations, will be using “some type of digital currency” over the next 20 years. By that time, the digital currency market will be a lot like the “metals complex” of today, where you have “precious crypto” like Bitcoin assuming the role of gold and transactional cryptos serving the function of industrial metals like copper and aluminum.
Jones came out publicly in favor of Bitcoin in May when he described the asset as the “fastest horse in the race” against inflation. Just last week, he introduced a fractal model based on gold’s trajectory in the 1970s to predict an explosive price rally for BTC next year.
2020 could go down as the year where institutions permanently altered the trajectory of Bitcoin. Institutional fingerprints are all over the alarming Bitcoin shortage that is driving prices higher, as corporations and large-scale investors scoop up all of the 900 BTC being mined each day.
Crypto assets will officially hit Wall Street data feeds in 2021, allowing investors to monitor minute-by-minute price movements. S&P Dow Jones Indices announced Thursday it will soon debut cryptocurrency indexes on more than 550 of the top traded coins.