- The Managing director of Morgan Creek Capital Management, Mark Yusko claims that a rough estimate appraised Bitcoin at a rate of $400,000 per unit.
- Yusko proposed a state of affairs wherever the Bitcoin network would inherit the whole Gold market valuation. And this is roughly around $7.3 trillion.
- The $40 million value of loss didn’t shake the Bitcoin user’s religion within the network.
An American investor and the Managing director of Morgan Creek Capital Management, Mark Yusko claims that a rough estimate appraised Bitcoin at a rate of $400,000 per unit. He is also the hedge fund manager, philanthropist, and the founder as well.
Bitcoin owns all the essential qualities that are superior to gold, says Mark Yusko
Yusko proposed a state of affairs wherever the Bitcoin network would inherit the whole Gold market valuation. And this is roughly around $7.3 trillion. Furthermore, he divided the yellow metal’s total capitalization with Bitcoin’s total of 21 million supply. Thus it justifies Yusko’s statement which says Bitcoin is much easier to transport. He also adds that it is much easier to divide. Lastly adding that it is tough to break a bar Gold into its component pieces. Yusko asserted that Bitcoin owns all these essential qualities which he thinks are superior to Gold.
Yusko appeared assured on the method the Bitcoin protocol functions. He projected users within the Bitcoin network as its real jewels, explaining that they add worth thereto by holding bitcoins. Further citing the provision of the recent hack at cryptocurrency exchange Binance.
People were able to hold Bitcoins despite shortcomings
The $40 million value of loss didn’t shake the BTC user’s religion within the network. Nonetheless, the value continuing to trend upwards, proving that people were able to hold on to their Bitcoins, or add extra money to the Bitcoin network despite interim shortcomings. Yusko claimed that the price isn’t the value.
The value is determined by the number of users on the network, the amount of capital that comes in after conversions from fiat. He also believed that all of those fundamental metrics have gone up this year and felt bullish about Bitcoin and another crypto at this time.
The hedge fund manager believes that the evolving mindset and that specialize in the working capital side of the plus at now. He reckoned that the frequent rise in the number of network users and the bitcoin wallets might play a very important role in the growth in the future.
In 2004, Morgan Creek Capital Management, LLC partnered with Salient Partners LP to start The Endowment Fund. Once they reached the $3.5 billion in assets, Yusko served as a chief investment officer for the Fund until January 2013. After which he was removed from the company.