The growth of adoption of Bitcoin and other cryptocurrencies is starting to boil over into much more mainstream arenas.This in itself is extremely positive for the digital coins as their place in a new digital financial space is realized.
There is a clear evolution in money going on, and Bitcoin looks to be at the center of it. However, the future of the space, and where Bitcoin fits in is still unknown, but it is being predicted with positive outlooks even as far down the line as 20 years.
Paul Tudor Jones, a well known investment guru and hedge fund legend, has thrown his weight behind Bitcoin this year, and continues to sing its praises. Recently, he has explored the deeper cryptocurrency space as a whole, but still sees Bitcoin as the leading light.Â
While itâ€™s impossible to know what the next 10 or 20 years will look like, Jones said if he had to take a position on it, itâ€™s going to be â€œthe brand name,â€ which is Bitcoin.
Bitcoin to go higher in 20 years
The fund manager admits he is no cryptocurrency expert â€œby any stretch,â€ but he told Yahoo Finance that he expects the digital coin will be â€œsubstantially higherâ€ in 20 years.
â€œIn a world where youâ€™ve got $90 trillion worth of equity market cap and God knows how many trillions of fiat currency, etceteraâ€¦itâ€™s the wrong market cap, for instance, relative to gold, which is $8 or $9 trillion,â€ Jones said. â€œIâ€™m going to assume that itâ€™s the wrong price for the possibilities that it has. And Iâ€™m going to assume that the path forward from here is north.â€
He added that Bitcoin reminds him of internet stocks in 1999 when the internet was in its infancy.â€ No one knew how to value it because of the world of possibility that lay ahead,â€
The future of money
Jones is certain that the digitization of money is the future, especially as moreÂ central banksÂ move toward their own digital currencies. He predicted that current generations and sovereign governments will eventually use their own versions of crypto.
â€œThey may have their own digital currency, whatever. Theyâ€™ll be very, very, very commonplace at that point in time. Cash may be gone. And so in that world, where does Bitcoin fit in, as well as some of the other cryptocurrencies?â€Jones said.
If Jones had to guess, he thinks the future of Bitcoin is â€œgoing to be a lot like the metals complex,â€ where you have â€˜preciousâ€™ digital coins.
Bitcoin is â€œthe first crypto, first-mover in a world thatâ€™s so compressed. It has that historical integrity within digital currencies that it will always have â€¦And again, because of its finite supply, that might be the precious crypto,â€Jones added