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Bitcoin Undervalued Relative to Gold, Equities, Tudor Jones Says
The hedge fund manager has 1% to 2% of his multi billion-dollar portfolio in bitcoin.
By Danny Nelson
Updated Feb 10, 2023, 2:48 p.m. Published Dec 3, 2020, 6:47 p.m.
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Storied hedge fund manager Paul Tudor Jones is betting on bitcoin as the "brand name" cryptocurrency.
- Speaking in a Thursday interview with Yahoo Finance, Tudor Jones said that "$500 billion is the wrong market cap [for bitcoin] in a world where you've got $90 trillion equity market cap and God knows how many trillions in fiat currency." Bitcoin's current market cap is $359 billion.
- Tudor Jones said he is certain that sovereign digital currencies will dominate economies and finance in 20 years. "Cash may be gone," he said, "and so in that world where does bitcoin fit in?"
- "I'm going to assume that it's at the wrong price for the possibilities that [bitcoin] has and I'm going to assume that the path forward from here is north," said Jones, who compared the difficulty in valuing bitcoin to the difficulty of valuing internet stocks in that sector's early days.
- He also compared alternative cryptocurrencies to "industrial metals" that may well have market value in the future. But he's personally sticking with the "brand name" crypto, bitcoin.
- Tudor Jones revealed in May that bitcoin comprises 1% to 2% of his multi-billion-dollar portfolio.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
What to know:
- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
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