Morgan Creek Capital Management founder and CMO Mark Yusko believe that Bitcoin will reach to $250k mark within five years. He believes that Bitcoin is not just a token, but it is more than that which investors underestimate.
- Network adoption and increased usage will help in increasing the value of Bitcoin
- If Gold’s monetary value is $4 trillion, then digital Gold should move up to that total
Bitcoin is just not the token, but it is more than that which investors should understand now.
Currently, Bitcoin is doing everything that it could to break the 60,000 marks and reach above it. But Mark Yusko, from Morgan Creek Capital Management, believes that Bitcoin will reach even higher.
Yusko is the founder and Chief Management Officer of the investment management company and believes that the price of Bitcoin could reach $250,000 in the coming five years. He believes that Bitcoin is not just a token, but it is so much more than that which many investors overlook and underestimate.
While speaking to CNBC, Yusko said that network adoption and increased usage would help in increasing the value of Bitcoin. This is a network, and it grows exponentially. It is the fastest network with a trillion dollars of value.
Bitcoin is like Gold
He compares the value of Bitcoin of $250K to that of Gold. if Gold’s monetary value is $4trillion, then digital Gold should move up to that total. It puts the price at the quarter of $1million per coin.
It is a technological evolution of computing power that is not going anywhere. It is a powerful network that will become the base layer protocol for the Internet of value, believes Yusko. Besides bitcoin, other cryptocurrencies have rallied this year. These are Litecoin and Ethereum, which rose to triple-digits. On the other hand, meme crypto dogecoin has gained more than 13,000%.
Bitcoin is still compared to Gold in the crypto world. Yusko explains that Bitcoin is the base layer protocol like TCP/IP, which permits computers to connect and communicate. Ethereum is akin to www dot, the toolkit to build upon that foundation.
Yusko said that there is room for a couple of protocols to survive. There are thousands of coins, and Doge is in that category that is useless; they are just utility tokens that have no underlying value or use case, and they will finally disappear.
Bitcoin rose to 98% in 2021. It might have struggled in the past month. But it has risen to a little more than 2%.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.