The Founder and CEO of Morgan Creek Capital Management suggested that Bitcoin could rise above $ 200k in the next market cycle.
Speaking on CNBC’s Trading Nation program on May 9, Mark Yusko compared the rapid spread of Bitcoin to the growth of FAANG companies (Facebook, Apple, Amazon, Netflix and Google).
“It’s a network and it’s growing exponentially. Bitcoin reached this value faster than FAANG companies that reached a trillion dollar value in 15-20 years. “
Yusko’s aforementioned price prediction is based on the assumption that Bitcoin will rival gold in terms of “monetary value”, a concept derived from the gold standard in which a country’s currency is directly linked to gold. “If the monetary value of gold is $ 4 trillion, digital gold should reach this value,” Yusko said.
Bitcoin, which is traded at around $ 59,000 at the time of translation release and has a market value of about $ 1.1 trillion, could reach at least $ 235,000 in the future, according to Yusko’s forecast.
The investment manager thinks Bitcoin will be the base layer protocol of the internet of value, just like TCP / IP, which allows top computers to connect to the internet and share data.
Asked about other crypto assets such as Ethereum, Litecoin and Dogecoin, which recently broke records, Yusko said that there is room for more cryptocurrencies, but he does not like DOGE very much:
“There are thousands of cryptocurrencies and DOGE is in the category of really useless ones. Such cryptocurrencies, which have no value or area of use, will eventually disappear. “