Bitcoin (BTC) Could Hit $500,000 In The Long Run, Says CEO of Morgan Creek Capital And Explains The Reasons
Here’s another exponential crypto prediction that says Bitcoin will be heading to the moon.
As you know by now, BTC managed to hit more than $5,600, and this has triggered more positive forecasts in the crypto space.
BTC to hit $500k
But an exponential forecast appeared before BTC’s massive surge, and it comes from the CEO of Morgan Creek Capital, Mark Yusko.
He said that he believes Bitcoin will rise to $500,000 in the long run, as reported by The Daily Hodl.
The hedge fund has more than $1 billion in assets under management, and it has created the subsidiary Morgan Creek Digital back in August 2018 in order to provide accredited investors endowments, pensions, and various other approved institutional investors a way to get more exposure to BTC and cryptos.
When and why can BTC surge so much?
During a brand new interview with Bitcoin Magazine NL, Yusko addressed the underlying mechanisms of his bold prediction.
He said “…just Bitcoin-gold equivalence would be $7.4 trillion with a ‘T’ of market cap, which would mean a Bitcoin price of $400,000 to $500,000 per unit. Now, people say, ‘Well that’s ridiculous to talk about that.’ I’m like, ‘No it’s not.’ All big things start small. And all technology evolves over time.”
Yusko continued and explained that “So when the internet started in the early ’90s, nobody thought it was going to be important.”
He said that we are currently on the next phase of tech evolution where the blockchain era becomes the OS for the IoT and hundreds of billions of connected devices.
He said that today, it’s $150 billion, but tomorrow the figure will be $300 billion and so on.
When he was asked when will BTC be able to surge that much, he said that “when big users start to say, ‘Hey, I want a portion of my fiat exposure to be hedged against a calamity in the financial system,’ that’s when Bitcoin, for example, can get very exciting.”
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.