Hedge Fund Manager Anticipates Bitcoin Price Will Reach $150,000 in the Future
Founder and Chief Executive Officer (CEO) of Morgan Creek Capital Management, Mark Yusko, has made a bold prediction regarding the future price of Bitcoin. According to Yusko, the cryptocurrency is expected to experience a massive surge to $150,000 during the upcoming bull cycle in 2024. He believes that Bitcoin holds immense potential and sees it as the undisputed leader among digital assets.
In a recent interview with CNBC Television, Yusko shared his forecast for Bitcoin, citing the upcoming Bitcoin halving and potential introduction of a Spot Bitcoin Exchange Traded Fund (ETF) as factors that could contribute to the cryptocurrency’s significant price increase. He explained that after a halving cycle is completed, the fair value of Bitcoin historically rises. Therefore, when the 2024 Bitcoin halving occurs in April, Yusko expects transaction fees to soar, leading to a price increase to $75,000.
Following the halving event, Yusko believes that Bitcoin will surge to two times its fair value, reaching $150,000. He attributes this potential price spike to factors like increased investor interest and Fear of Missing Out (FOMO). Additionally, after the halving, there will likely be a surge in demand for Spot Bitcoin ETFs, while the supply of new coins will decrease from 900 BTC to 450 BTC per day. Yusko highlights that if there is more demand than supply, the price of Bitcoin has to rise.
Yusko has firm confidence in Bitcoin’s value as a leading digital asset and envisions the cryptocurrency easily skyrocketing by 10 times over the next decade. He considers Bitcoin as the dominant token, surpassing gold and digital property. Yusko also predicts that Bitcoin could reach its peak price value by the end of 2024, approximately nine months after the halving event. During this time, he suggests that smaller crypto projects may experience substantial increases, potentially surpassing Bitcoin’s gains.
While Yusko’s predictions provide insights into the future potential of Bitcoin, it is essential to conduct thorough research and consider the risks involved before making any investment decisions.