Bitcoin Set to Reach $250,000 in 5 Years, Says Mark Yusko from Morgan Creek

Bitcoin Set to Reach $250,000 in 5 Years, Says Mark Yusko from Morgan Creek

Mark Yusko – Chief Executive Officer at Morgan Creek Capital Management – ​​once again opined that the USD value of Bitcoin can rise to $250,000 in the next five years. However, it may be a bumpy ride to reach this milestone.

Better than gold

American investor, hedge fund manager and philanthropist – Mark Yusko – is a long-time Bitcoin advocate with a consistent opinion about the asset. Earlier this year he did predicted that it will take no more than five years to land at a price of $250,000 due to network growth and increasing adoption.

"This is a network and networks grow exponentially. This is the fastest network in history to reach a trillion dollars, right after FAANGS, which took 15 to 20 years, depending on which one you look at."

In a recent one interview for CNBC, the CEO of Morgan Creek Capital Management made the same prediction. He also praised the primary digital asset as superior to gold due to its fixed supply of 21 million coins:

"This is classic supply and demand. One of the beautiful things about Bitcoin as an asset is that it has a limited supply. We know every day for the next 140 years how many Bitcoins will be minted through the mining process."

If Bitcoin reaches $250,000, its market cap would also match that of the precious metal, Yusko added:

"I believe that Bitcoin has replaced gold. It is now digital gold. It is a perfect store asset."

Mark Yusko. Yahoo

Risk of buying the rumor, selling the news

Contrary to his long-term forecast, the hedge fund manager “would not be surprised if there is a small consolidation in the next few months”. While many experts like Mike McGlone and Adam back Having recently pointed to $100,000 as the price of Bitcoin at the end of 2021, Yusko is not so convinced:

"There are a lot of people who think we could get to $100,000 by the end of the year. The stock-to-flow model says we should. I wouldn't be surprised to see a little consolidation either. Look, we're up 40% this month, which is only 15 days old."

He argued that a significant percentage of crypto investors will take profits due to the recent strong rally in the digital asset market. This could be another reason why the price of BTC is about to head south:

"A pause that's refreshing given how overbought we are right now wouldn't surprise me. There's some risk in buying the rumor, selling the news."

Featured image courtesy of MoneyINC

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