In fact, among the big shots on Wall Street regarding the characterization of Bitcoin, Paul Tudor Jones' viewpoint is the most unique and profound. Five years ago, he talked about how portability would make Bitcoin stand out in wars. In a letter to investors entitled "The Age of Great Monetary Inflation" in May 20, he mentioned that the debt of countries is inevitably growing, and printing money is a bad habit that the central bank cannot get rid of, so how to seek refuge in the great monetary inflation. From the perspective of asset preservation, we need to find the best assets for the next 10 years. The first step in financial assets is the 'store of value', which can preserve value. Financial assets today occupy the world's largest wealth reserves because they can preserve their value and provide additional dividends, which can resist the impact of inflation. So how to measure the ability to preserve value? Ro Tudor Jones scored from four dimensions: 1) Purchasing power - how this asset can maintain its value in the long term 2) Creditworthiness - Whether it can be long-term and widely accepted 3) Liquidity - the speed at which this asset is monetized 4) Portability - Can you transfer assets across regions He scored financial assets, gold, cash, and Bitcoin based on these four dimensions, assigning 30% weight to purchasing power and creditworthiness, and 20% weight to liquidity and portability on a scale of 100 points. His analysis is: 1) In terms of purchasing power, financial assets are naturally better, and most people give cash 0 points. Bitcoin is naturally average. But he believes that the credibility of Bitcoin lies in its design mechanism. From the supply side, Bitcoin's design mechanism leads to a decreasing supply. Bitcoin has a scarcity premium, which is almost the only tradable asset in the world with a fixed maximum supply. 2) In terms of creditworthiness, there is no doubt that Bitcoin ranks the worst, as this asset has only been established for 11 years. The highest ranking option is of course gold, as it has a history of thousands of years. 3) Liquidity was not important in the past, until now. We have realized the importance of liquidity in the past few months. Based on the upcoming bankruptcy of companies and individuals, I believe that more and more people will place greater emphasis on liquidity indicators. In terms of liquidity, cash is certainly the highest scoring asset, but Bitcoin is the only asset that can store value and is traded 24/7 globally. 4) Portability, like liquidity, no one cares before problems arise. Imagine if there were a war, there would be an asset that could quickly transfer wealth. The best one here is Bitcoin, which can be stored in the chip of a mobile phone. Based on the above four items, Paul Tudor Jones' team scored four assets, and what surprised him was not that Bitcoin had the lowest score, but that Bitcoin's score was 60% for financial assets, but at that time its market value was only 1/1200. He thinks Bitcoin is undervalued This letter caused a great response at the time. As a well-known macro hedge fund manager (who accurately predicted the 1987 stock market crash), he was also one of the true bigwigs on Wall Street who openly supported Bitcoin and had a complete logic.