Did Paul Tudor Jones Just Alter His Forecast For The Price Of Bitcoin?
In 2020, wealthy hedge fund manager Paul Tudor Jones was one of the most outspoken supporters of Bitcoin. He said today that he still has a minor allocation to Bitcoin’, and that he always will.
Something that has been described as a “tamping down” of his previous “Bitcoin bullishness.” Paul Tudor Jones continued by saying that he doesn’t know “when that will happen” but that cryptocurrencies, notably Bitcoin and Ethereum, “will have value at some time.”
On CNBC’s Squawk Box, he did concede that their worth would be “far greater” when pushed. Will Clemente and Bitcoin Magazine both viewed his comments favourably overall.
Bitcoin price forecasts for 2020 from Paul Tudor Jones
The philanthropist has made some earlier statements that weren’t precise dollar-for-dollar forecasts of the price of bitcoin but were still highly upbeat:
“Bitcoin has a lot of characteristics of being an early investor in a tech company. I think we are in the first inning of Bitcoin. It’s got a long way to go. Buying Bitcoin is like investing with Steve Jobs and Apple or investing in Google early.
Bitcoin has this enormous contingent of really, really smart and sophisticated people who believe in it. I came to the conclusion that Bitcoin was going to be the best of inflation trades, the defensive trades, that you would take.” – Forbes, Oct 2020
When those remarks were made, the price of Bitcoin was hovering around $13,000. This was just before its bull run to a new all-time high of $65,000 in April, followed by $69,000 in November 2021.
Is Paul Tudor Jones more gloomy at these higher levels, in a macro decline with growing inflation and recession worries, given the current price of Bitcoin of $19,000?
Paul Tudor Jones: "In a time where there's too much money & fiscal spending Bitcoin and Ethereum will have value"
Interviewer: "And at a value much higher than where we are today?"
To determine if Paul Tudor Jones is bullish or bearish in the near to mid-term, the brief CNBC interview may not be sufficient.
Many cryptocurrency experts believe that Bitcoin will stay range-bound and in sideways motion for the rest of the year and maybe far into 2023.
The latest crypto assets
Although Paul Tudor Jones mentioned the two most valuable cryptocurrencies, BTC and ETH, younger cryptos that are currently valued below $1 may have more upside potential.
The popular XRP cryptocurrency may be about to beat the SEC and climb back up above the $1 barrier mark.
The presale for the brand-new carbon offset token IMPT has already surpassed $3.1 million.
Despite the current crypto cold, the meme currency Tamadoge (TAMA) is stabilising around the four cent level after an almost 20x bull run in only the previous two weeks.
