Paul Tudor Jones on the Biggest Thing Holding Bitcoin Back

Billionaire hedge fund manager Paul Tudor Jones explained on Tuesday why he’s still bullish on Bitcoin, despite its flat price over recent months. He believes the crypto ecosystem is part of a broader trend toward a borderless internet and globalized world, and that younger generations will bring it about.

Centralization VS Decentralization

When speaking with Joe Kernen of Squawk Box, Jones specifically described a “generational” and “digital” divide around Bitcoin. While members of the old generation, like himself, are “scrambling” to understand the technology, young students leaving colleges today are pouring into the crypto industry.

“It’s hard to not want to be long on crypto because of the intellectual capital that’s going into that space,” he said.

Studies consistently show that age is a strong predictor of interest in digital assets. A CNBC survey from last year found that 83% of millennial millionaires invest in crypto. A more recent Ipsos poll indicates that over one-fourth of Americans aged 18 to 34 are somewhat likely to use crypto to purchase products next year, versus just 6% of those over 50.

Jones continued to describe crypto as the dream of a borderless internet, where blockchain serves as the verification layer for anyone to connect. However, this is exactly the quality that makes it the enemy of legacy institutions like governments and central banks. In particular, he claims their opposition to Bitcoin’s use as a medium of exchange is the “number one thing that’s holding it back”.

“You’re not gonna get buy-ins from governments because they lose the ability to control the creation and the supply of money,” explained Jones.

Bitcoin has a fixed supply of 21 million coins, which has popularized it as a potential “digital gold” that’s immune to monetary debasement from central planners. Jones has previously stated that he thinks Bitcoin is “winning the race” against gold.

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Read more at cryptopotato.com

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