Home
News
Cryptocurrencies like bitcoin (BTC) have been through peaks and valleys this year, but as of late, the king token is trading above the $60,000 mark. It is clinching from it’s all-time high of over $64,000 which was achieved back in April. However, a BTC bull is quite wary of a pullback happening.
Morgan Creek Capital Management Founder and CEO Mark Yusko is thinking that investors will be taking profits because of bitcoin’s rally in previous weeks as he deemed it pretty sharp.
Bitcoin at $100,000
Yusko recently sat down with CNBC’s “Trading Nation” as he commented on BTC’s ongoing price rally. He said that the majority of the people believe bitcoin could be surging towards $100,000 by the end of 2021. He also stated that he wouldn’t be surprised if there would be a little consolidation to it adding that bitcoin is up by 40 percent this month alone which is just 15 days old.
For the uninitiated, the recent upward trend of bitcoin’s price comes after the hype concerning the progress of BTC exchange-traded funds (ETF).
Just like the others, Yusko expressed his excitement about what’s happening right now as he said that the bitcoin community is pretty much well aware that the ETF approval is upon them. The hedge fund manager even revealed that they’ve been “bullish on cryptocurrency, and bitcoin in particular, for a long time.”
Yusko having doubts
Albeit what’s been happening with bitcoin, Yusko is having some doubts regarding the sustaining power of BTC’s performance. He said, “A pause that refreshes given how overbought we are right now wouldn’t surprise me” and pointed out that “buy the rumor, sell the news” are making the rounds as this has some risks involved.
Yusko also believes that profit-sharing of any kind would be temporary as he is making a forecast that in five years, bitcoin would skyrocket to $250,000. In line with this, he’s even calling it right now that the token’s value in terms of market capitalization will be equal to that of gold.
That said, he believes that bitcoin “has and is replacing gold” and deemed it as “digital gold.”
Further, he explains that such is typical supply and demand as Yusko took notice of one of bitcoin’s commendable characteristics of it having a finite supply.
His reason behind it revolves around a so-called “long-term deflation prediction. This is a situation where such is rarely being discussed as the entire planet is currently dealing with a supply chain crisis and spikes in inflation. Yusko also cited the aging population as a lot of people are heading towards retirement age and believes that such a factor is one of the main catalysts leading to deflation.
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.
