Mark Yusko, CEO of investment firm Morgan Creek Capital, suggested that if a spot bitcoin ETF is approved in the U.S., the BTC exchange rate would rise to $150,000 by the middle of next year.
During an interview with Kitco News, Mark Yusko said that the crypto community is excited about the possible approval of a bitcoin ETF in the United States.
Major companies including BlackRock, Fidelity, Wisdom Tree and VanEck have already filed applications with the SEC to launch cryptocurrency exchange-traded funds.
According to Yusko’s forecast, if regulators approve bitcoin ETFs, the first cryptocurrency will rise to $100,000-$150,000 by mid-2024.
While U.S. regulators are mulling over launching cryptocurrency ETFs, Europe has already launched its first bitcoin-linked exchange-traded fund. The product is listed on the Euronext Amsterdam stock exchange.
Yusko believes bitcoin’s rise to $150,000 will be helped by Bitcoin’s upcoming halving of Bitcoin, which is scheduled for late April 2024.
Yusko’s predictions are based on Metcalfe’s Law, which states that the value of bitcoin increases exponentially as the network grows larger.
According to Yusko, the fair value of bitcoin is now $55,000. And with each halving of the reward to miners, the rate of the first cryptocurrency could increase tenfold, the founder of Morgan Creek Capital believes.
Bitcoin is trying to get out of a long consolidation phase. Jumping over the $31,000 mark has become a challenge – BTC has hit a seven-month low. Bitcoin is now trading at $29,000 per coin.
Recently, Eclectica Asset Management hedge fund creator Hugh Hendry also suggested that bitcoin could triple in value in the near term. However, this scenario will only be possible if macroeconomic conditions worsen.