The CEO of capital management giant Morgan Creek, Mark Yusko said he sees the price of Bitcoin (BTC) going up by more than 1,000% next yearO.
If Bitcoin’s market cap reaches the same value as that of gold, the price of Bitcoin could logically be over $ 100,000 Sometime between 2021 and 2022, Yusko said in an interview with Altcoin Buzz on May 6.
“I think this transition will be the greatest wealth creation opportunity that I will likely ever see.”
The huge bubble burst
While Bitcoin is aiming for its third halving, which is expected to take place between May 12th and 13th, the asset is recovering astonishingly, making a profit of over 130% from his March home near $ 3,600, all in the midst of an economic crisis triggered by corona viruses.
“It behaved just like any other safe haven,” said Bitcoin’s Yusko. “What happened in the markets is that March wasn’t really about the virus itself – the virus was the sting”he added, noticing that the virus was only the catalyst that burst a bigger financial bubble.
Yusko really sees a potential of $ 400,000
Yusko called gold a store of value and a safe haven, and said he saw Bitcoin up to $ 400,000.perform a similar role based on the limited supply of the two assets.
“If we come to gold equivalence, which means that Bitcoin’s market capitalization corresponds to the capitalization of the gold market, which I think is perfectly logical, you can easily see that the price of $ 400,000 to $ 500,000 is at some point.”
Yusko specified a time frame of around 7-10 years for Bitcoin to reach these price levels, depending on the number of Bitcoin lost over the years.
As encouraging as Yusko’s new comments are, the CEO of Morgan Creek has not always spoken so positively about Bitcoin. During an interview with CNBC in August 2019, Yusko called the asset “chaos insurance or idiot insurance”.
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