Morgan Creek’s Mark Yusko Believes Bitcoin is Heading to the $30,000 BTC/USD Price Level
- Since October 2018, the price of Bitcoin has increased by a little over 70%.
- Yusko along with other high profile members of the crypto community (such as Tim Draper, Anthony Pompliano) believe that BTC is destined to cross the $100,000 threshold within the next 2-3 years.
As many of our regular readers are probably well aware of, Bitcoin’s value surged beyond the $12k mark once again yesterday. In this regard, Mark Yusko — CEO of Morgan Creek Capital Management — announced on CNBC that this current market cycle will most likely carry the price of BTC over the $30k region soon.
On the subject, he was quoted as saying:
“I think we’re in the next parabolic move. That will take us probably into the $30,000 level before we get another little correction.”
Additionally, Yusko also pointed out that since Q4 2018, the value of Bitcoin has increased by a whopping 70%. To put things into perspective, we can see that during the same time period, the stock market at large has mostly remained flat.
Lastly, the Morgan Creek exec is also convinced that by 2021, Bitcoin might have a real chance of scaling up to a price point of around $100,000.
— CNBC's Fast Money (@CNBCFastMoney) July 8, 2019
Yusko is not the only one who is bullish about the future of Bitcoin because a couple of days back, venture capitalist Tim Draper released a tweet claiming that the flagship crypto asset will hit a target of $250,000 in the coming few years.
In Draper’s opinion, once developers are able to sieve out BTCs current scalability issues, the crypto asset will be able to replace the US dollar within a period of just ‘2-3 years’.
— Tim Draper (@TimDraper) July 5, 2019
From a technical standpoint, we can see that all of Bitcoin’s market indicators seem to suggest that the currency is all set to surge in the coming few days.
As the U.S. – China trade standoff continues, many experts believe that we are now moving towards a period of ‘mild recession’. Yusko was recently quoted as saying that as per a host of data available online, the stock market looks like it is in for “a bit of gloom” in the coming few months.
From a purely monetary standpoint, Anthony Pompliano recently highlighted that over the past 90 days or so, Bitcoin has been severely outperforming a number of stock options as well as precious metals such as gold. On the subject, Pomp stated:
“Bitcoin’s price appreciated 55% during May, but more interestingly, the asset had a negative correlation to the S&P 500 (-0.9%) and gold (-0.8%). That means that as stocks and gold became less attractive, Bitcoin was becoming more attractive.”