Mark Yusko, Morgan Creek Capital Managementâ€™s CEO and cofounder, is extremely bullish on bitcoin. Despite a period of consolidation, Yusko expects the leading crypto asset to tap $250,000 in five years. In a recent interview, he said that the network continues to swell in an â€œexponential way.â€
Morgan Creekâ€™s CEO Sticks to His Six-Digit Bitcoin Prediction
The founder of Morgan Creek is again reiterating his prediction that bitcoin (BTC) will surpass six digits in value within the next five years. In a May 6, 2020 interview, Yusko predicted that bitcoin could easily reach $100,000 in 2021 or 2022. Moreover, during the discussion, Yusko also stressed that bitcoinâ€™s price could reach $400k to $500k as well.
During this weekâ€™s interview with CNBCâ€™s Trading Nation, Morgan Creekâ€™s Mark Yusko explained that he believes investors â€œoverlook and underestimateâ€ the leading crypto asset.
â€œItâ€™s just about network adoption and increased usage,â€ Yusko said this week. â€œThis is a network and networks grow in an exponential way. This is the fastest network in history to a trillion dollars of value, right on the heels of the FAANGS that took, you know, 15 to 20 years depending on which one you look at.â€
Yuskoâ€™s Morgan Creek cofounder, Anthony Pompliano, has also said he believes BTC will reach $100k. Pompliano recently interviewed with the popular Youtube investor Andrei Jikh, explaining the fundamentals of his prediction to Jikhâ€™s 1.52 million subscribers.
Yuskoâ€™s a Firm Believer in the Digital Gold Theory, Doge Is â€˜Uselessâ€™
Yuskoâ€™s fundamentals are based on the equivalence of gold markets, which CNBC estimates to be around $4 trillion. If digital gold can capture a percentage of goldâ€™s enormous global market, then Yusko insists BTC could make it to $1 million per unit.
â€œWhat people miss is this is a technological evolution of computing power that isnâ€™t going away,â€ Yusko stressed on CNBCâ€™s Trading Nation. Yusko further added:
CNBCâ€™s hosts asked Yusko about the gains dogecoin (DOGE) and ethereum (ETH) have seen lately, and the Morgan Creek executive said only a few crypto assets will make it in the long run.
â€œYes, thereâ€™s room for a couple of protocols to survive, but there are 1000s of coins and Doge is in that category that really are useless, theyâ€™re just utility tokens that have no underlying value or use case and theyâ€™ll eventually disappear,â€ Yusko insisted.
Yuskoâ€™s BTC price forecast is not too different from the venture capitalist Tim Draperâ€™s prediction, albeit a bit longer out. Draper predicts that bitcoin (BTC) could be $250,000 by the year 2022. People look up to Draperâ€™s forecast because he correctly predicted bitcoinâ€™s price would surpass $10,000 per coin by 2018.
What do you think about Morgan Creek Capital Managementâ€™s Mark Yuskoâ€™s prediction? Let us know what you think about this subject in the comments section below.
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