CEO of capital management giant Morgan Creek, Mark Yusko, said he sees the price of Bitcoin (BTC) soar by more than 1,000% from next year.
If Bitcoin’s market capitalization reaches the same value as gold, Bitcoin could logically see its price pass $100,000 sometime between 2021 and 2022, Yusko said in a May 6 interview with YouTube channel Altcoin Buzz.
Bitcoin miners expect Bitcoin’s price to exceed $12,000 after halving
„I think this transition will be the biggest opportunity for wealth creation I’m likely to see in my life.“
The giant bubble burst
As Bitcoin heads into its third halving, which is expected to take place between May 12 and 13, the asset is making an amazing recovery, registering over 130% profit from its March floor of nearly $3,600, all in the midst of a coronavirus-induced economic crisis.
„It acted exactly like all the other safe haven assets,“ Bitcoin’s Yusko said. „What happened in the markets is that March wasn’t really about the virus itself – the virus was the puncture,“ he added, noting that the virus was only the catalyst that burst a larger financial bubble.
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Yusko really sees a potential of $400,000
Calling gold a store of value and a safe haven asset, Yusko said he sees Bitcoin reaching as high as $400,000, playing a similar role based on the limited supply of the two assets.
„If we get to the gold equivalent, that is,
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market capitalization equals the gold market capitalization, which I think is perfectly logical, you could easily see that the price of 400,000 to 500,000 dollars at some point.“
3 technical factors point to a correction in the price of Bitcoin after halving
Yusko stated a time frame of approximately 7-10 years for Bitcoin to reach those price levels, depending on the number of Bitcoins lost over the years.
As encouraging as Yusko’s new comments are, Morgan Creek’s CEO hasn’t always spoken so positively about Bitcoin. During an interview with CNBC in August 2019, Yusko referred to the asset as „chaos coverage or idiot insurance.