Bitcoin Will Hit $500k, Says Morgan Creek Digital CEO Mark Yusko
There have been a lot of Bitcoin-related predictions this year, and most of them have been bullish. The trend will most likely continue, considering the fact that BTC is currently on the rise.
Mark Yusko says BTC will hit $500,000
While Bitcoin has been surging these days, the CEO of crypto investment company Morgan Creek Digital, Mark Yusko is expanding on his forecast that the most important digital asset will surge to $500k.
During a new interview with BloxLive TV, Yusko said that this prediction is based on Bitcoin’s scarcity and the advantages that the coin holds over gold.
“Gold is an asset, a monetary asset. It’s been hard money for 5,000 years… and it’s about $7.4 trillion of value. The nice thing about Bitcoin is, it’s digital gold. It’s much easier to transport, much easier to divide. It’s really tough to break a bar of gold into its component pieces. And so it has all these essential qualities that I think are superior to gold,” he said.
Yusko also said that Bitcoin’s total supply of 21 million together with the fact that investors lost their keys to about 23% of existing BTC shows that the price of BTC will be rising to $500k, as reported by the Daily Hodl.
BTC will surge so much over a decade or more
Yusko continued and explained his theory, saying that “if we get the amount of value in total Bitcoin market value or network value equal to gold, that’d be about $7.4 trillion divided by 21 million coins, although there aren’t really 21 million left, and you get around $400,000 a coin, maybe $500,000 a coin. Now, when does that happen? It’s probably over a decade or maybe even more.”
sound ON! pic.twitter.com/SEGAmMItsE
— Grayscale (@GrayscaleInvest) May 1, 2019
Fortune reported that Grayscale crypto investment company has recently launched a multi-million dollar ad campaign without precedent which compares Bitcoin and gold.
The company’s commercial which you can also see above shows exactly Yusko’s feelings.
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.