The hedge fund veteran Mark Yusko addresses a bullish price prediction involving Bitcoin. Here’s what the Morgan Creek Digital veteran has to say about the king coin.
Bitcoin to reach $250k
In a new Altcoin Daily interview, crypto trader Austin Arnold asked Mark Yusko if his prediction from last year that Bitcoin could hit $250,000 in half a decade still stands.
According to the hedge fund veteran, Bitcoin going up straight to $250,000 seems “easy” to him but he notes that the “timing is harder.”
“I absolutely positively believe that Bitcoin is digital gold… I think it is a better form of value storage. I absolutely believe that. Gold – $10 trillion above ground. Half of it [is] in jewelry and chalices – that doesn’t count. The monetary value of gold [is] about $5 trillion. So $5 trillion from [BTC’s market cap of] $400 billion today, that’s [a] 10x. [A] 10x from here at $20,000 is $200,000.”
He continued and said the following:
“Round it, my numbers are off a little bit, to that $250,000 number. Seems easy to me to get to $250,000 because you got a few lost or stolen coins. No problem.”
Yusko also made sure to explain that another way to look at Bitcoin’s potential price rise to his massive price target is to take note of BTC’s historical performance each time it goes through a halving event.
“Every halving we had a zero – first halving was $10, second halving was $100, third halving was a $1,000 [and] fourth halving was $10,000, so that means that next halving is $100,000.”
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $19,054. Despite the massive market volatility, there are still a lot of optimistic prediciotns about the king coin’s price. The market has been seeing a lot of corrections lately and it’s now struggling to regain a loot of recent losses.
