Morgan Creek Founder: Bitcoin Will Reach $400,000 and Compete With Gold
The Founder of Morgan Creek Capital Management Mark Yusko has made a staggering prediction on the price of Bitcoin (BTC). Speaking with Bloxlive.tv, Yusko said Bitcoin has the potential to grow significantly and eventually be worth $400,000. He said this is possible because Bitcoin is a better store of value than gold ever was.
Commending the cryptocurrency market and particularly Bitcoin, Yusko said it is a good thing that the number one cryptocurrency is resilient enough to get through all the resistance it has been facing on its way to crossing the major $6,000 level and especially the Binance hack which apparently has not affected its performance..
“It’s good to see that the ecosystem is resilient, that the system can deal with these types of things, and if you think back over time, the fact that banks get robbed all the time and people lose their wallets or have their purses stolen, doesn’t mean that we stop using money. It doesn’t mean that that good has less value.”
Speaking further on the Binance incidence, Yusko said such attacks prove that Bitcoin is valuable and not just some trash coin. He also said it is a reminder for exchanges to be more security conscious in order to avoid customers’ loss of funds.
“People don’t steal things that don’t have value. The fact that hackers are going to all this work to try to steal things like Bitcoin, I think, confirms the value thesis. I also think it points to a couple of other really good things for the ecosystem, like the need for insurance. The fact that Binance has a fund that they take a piece of their profits and set it aside to make customers whole in the event that this happens, kind of like the FDIC in banking.”
Several other brave predictions have gone ahead of Yusko’s. For instance and analyst known as Galaxy has said Bitcoin could reach $330,000 in 2021 which is almost as brave as Mark Yusko’s, only he attached a time frame to his. He based his prediction on market patterns playing out right now which are very similar to the ones that gave rise to the 2017 bull run.
If the Yusko and Galaxy’s predictions are true, Bitcoin will become digital gold sooner than most people. Besides, 2021 is not a long time from now so we may begin to see the bullish trends in a few days or weeks from now. Do you think Bitcoin will reach $400,000?
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Bitcoin’s price is $56,908.38 BTC/USD exchange rate today. The real-time BTC market cap of $1.07 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $18.92 Billion and live coin value change of BTC 0.02 in the last 24 hours.
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