Alternative Investments/Digital: Mark Yusko Sees Bitcoin At $250K In Five Years
Mark Yusko is the Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management.
Mark Yusko’s Morgan Creek Capital Management has assets under management of about $2 billion. Assuming his usually bullish stance on bitcoin in an interview on Friday, Yusko said the leading crypto could scale a price of $100,000 in 2021 or 2022. He went further and said it could go up to $250,000 in five years. (CNBC)
Yusko said bitcoin was more than just a token of value – it was more about network adoption and increased usage.
The power of the network
“This is a network and networks grow exponentially,” Yusko observed. “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.”
“What people miss is this is a technological evolution of computing power that isn’t going away,” he said. “It is a powerful computing network that is going to become the base layer protocol for the Internet of value.”
How to value the currency of the internet?
Yusko thinks bitcoin’s market capitalization will eventually move up to be on par with gold’s monetary value of $4 trillion – a gold equivalence theory, so to speak.
In that event, bitcoin, the new “digital gold,” will be worth about a quarter of $1 million per coin, according to Yusko, hence his target price.
Competition from Ethereum or Doge?
Could either Ethereum or Doge dislodge bitcoin from its position as crypto top dog? Yusko was somewhat dismissive of these other coins, however.
“Yes, there’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, they’re just utility tokens that have no underlying value or use case and they’ll eventually disappear.”
Related Story: JPMorgan Issues Bullish Bitcoin Analysis
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