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- Bitcoin (BTC) could touch $250,000 in the coming five years, considering past performance
- Cryptocurrency has led to a better amalgamation of network usage
- Network grows in a geometrical progression
Cryptocurrencies are often hailed and criticized but are never out of the news. While on the one hand, we have Bitcoin (BTC), which has maintained its position as a leader, we have on the other side smaller entities that are also jostling for space. We have several business heads like Elon Musk, CEO of Tesla, who have dubbed digital tokens as future financial dealings.
Mark Yusko, the CEO of Morgan Creek Capital, also endorses the view that cryptocurrency is the future. He also predicts that Bitcoin (BTC) could touch $250,000 in the coming five years.
BTC achieved what others took two decades to achieve
Mark W. Yusko created Morgan Creek in 2004 and is the CEO and Chief Investment Officer of Morgan Creek Capital Management, LLC.
Speaking to CNBC’s Trading Nation on Friday, Yusko said that BTC is much more than just a value token. Cryptocurrency has led to a better amalgamation of network usage. He added that the network grows in a geometrical progression. Compared to other networks like the FAANGs, which took two decades to reach its present position, BTC is all set to touch the $1 trillion mark.
FAANGs is an acronym for values of social media platform Facebook, media platform Amazon, iPhone maker Apple, Netflix, and Google, now Alphabet.
Talking to CNBC, Yusko also elaborated his logic about how BTC can touch $250,000. He compared the BTC values to Gold which has a market cap of $4 trillion. If BTC reaches that level in five years, every coin will be worth $250,000.
Foundation for the internet of value in the future
CNBC further adds that comparisons of BTC with Gold are often made. However, critics cite the time taken to complete transactions and also the vast computing power required to mine bitcoins as its Achilles heel. To such criticism, Yusko adds that robust computing networks will form the foundation for the internet of value in the future.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
