In a Thursday interview with Julia LaRoche, Jones of Yahoo Finance outlined his vision of the digital currency market in the coming decades.
“I am not an expert on Bitcoin,” Jones said, adding:
“With a market cap of $ 500 billion, it’s the wrong market cap in a world where you have $ 90 trillion in stock market capital and God knows how many trillions of fiat currency.”
Jones was referring to the idea that Bitcoin’s market cap, which currently stands at $ 358 billion, is too small in relation to its use case and future value drivers. He went on:
“Bitcoin reminds me so much of the Internet stocks of 1999 because the Internet was still in its infancy. No one knew how to appreciate it because of the world of possibilities that lay before us. “
Jones expects everyone, including sovereign nations, to use “some kind of digital currency” for the next 20 years. By then, the digital currency market will be much like today’s “metal complex” where you have “precious crypto” like Bitcoin taking on the role of gold and transactional cryptos serving the function of industrial metals like copper and aluminum.
Jones publicly came out for 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 rise in price for BTC next year.
2020 could drop as the year in which Institutions have permanently changed Bitcoin’s trajectory. Institutional fingerprints are everywhere in the alarming Bitcoin deficit pushing up prices as companies and large-scale investors scoop up all of the 900 BTC mined every day.
Crypto assets will officially reach Wall Street’s data feeds in 2021, allowing investors to monitor price movements minute by minute. S&P Dow Jones Indices announced on Thursday that it will happen cryptocurrency indices to debut soon on more than 550 of the most traded coins.