Bitcoin has risen by more than 500% in the past year, but Morgan Creek’s managing director is convinced that it could rise to $ 250,000 in the next few years.
Mark Yusko, the founder and managing director of Morgan Creek Capital Management, is confident that the Bitcoin price could rise to $ 250,000 over the next four to five years. This forecast he makes, although the leading cryptocurrency in recent weeks had difficulty reaching the level of 60,000 US dollars.
He commented on this in an interview with CNBC, adding that Bitcoin has usage functions that go beyond that of a mere store of value. “It’s about expanding the network and increasing use. This is a network, and networks are growing exponentially. It is the network in history that has grown fastest to 1 trillion US dollars and is thus directly behind FAANG, which took 15 to 20 years each“according to Yusko.
Bitcoin’s true function has been the subject of numerous debates in recent years. Although Satoshi Nakamoto created Bitcoin as a decentralized peer-to-peer currency, several experts argue that thanks to its massive increase in recent years, it has become a value food. Its appreciation corresponds to that of an asset, not a currency. However, some experts still regard Bitcoin as a currency, as it is accepted as a means of payment in thousands of shops worldwide.
Yusko’s forecast is based on the current market capitalization of gold. He is convinced that Bitcoin will catch up with the precious metal with a market capitalization of 11 trillion US dollars in a few years. If Bitcoin could only reach half of that, it would trade at least $ 250,000. “What people overlook is that this is a technical evolution of computer performance that doesn’t just disappear. This powerful computer network becomes the basic protocol for the Internet of Values“he added.
The leading cryptocurrency has performed better than gold and other major investment vehicles in the past year.