Mark Yusko – the head executive of Morgan Creek Capital Management, a hedge fund – has stated that bitcoin could reach a price of about $300,000 per unit by the time 2028 rings in.
Mark Yusko Has High Hopes for Bitcoin
Right now, the gold arena has a market capitalization of about $6 trillion. He believes bitcoin will soon be able to rival the precious metal thanks, in large part, to next year’s scheduled halving. He says BTC is going to experience enough of a supply cut that it will be considered more valuable than ever. This, Yusko says, will help bitcoin be seen in a new light. It will stir new investor interest, and cause everyone to rush in like mad.
He commented in a recent interview:
The monetary value of gold is about $6 trillion. I think bitcoin can replace all of that. The monetary equivalent of $6 trillion is about a 10X from here, which gives us a price of about $300,000 [per bitcoin]. Every [bitcoin] halving we’ve added a zero, and by next April, I think we could go to $100,000.
While he has nothing against gold, Yusko commented that gold suffers from equity issues that make it less accessible. This is something he’s confident bitcoin can solve in the future, and he believes the world’s number one digital currency by market cap will make its mark beginning in 2024 like never before.
Alex Kuptsikevich – a senior market analyst at FX Pro – offered similar sentiment and commented that bitcoin will soon see its “safe haven” reputation rise to unprecedented levels. He thinks that with record-high inflation and other economic problems entering the fray, the asset is going to strike a lot of chords with people in the future… People that want to retain their wealth and keep their money safe in times of strife. He said:
The cryptocurrency market has regained its cap to above $1.18 trillion, up 1.6 percent in 24 hours. The market’s initial rebound on buying back the most sagging assets was supported by the unexpected news of Fitch downgrading the U.S. long-term credit rating, which triggered an impulsive pull into bitcoin and gold.
So Many Predictions; Where Will the Asset Go?
While the news is interesting to say the least, bitcoin has been the subject of several new price predictions over the past few months from the likes of Tim Draper, Cathie Wood, and Tom Lee to name a few. Tim Draper’s prediction is arguably the most ambitious, as he thinks BTC has the potential to hit $250K sometime before the end of 2023.