Morgan Creek’s Mark Yusko Latest Bitcoin Price Prediction Pegs $300,000 to $400,000 BTC/USD Range
The CEO and co-founder of Morgan Creek, Mark Yusko, talked about Bitcoin (BTC) and the future about the virtual currency market. During an interview with Bitcoin Magazine NL, he mentioned that Bitcoin could reach a very large valuation in the future.
Mark Yusko Believes Bitcoin Could Reach $300k Or $400k
In this interview, Yusko explained that Bitcoin could reach a valuation between $300k and $400k per coin. Nonetheless, he mentioned that Bitcoin would have to wait over a decade to reach this value. At the same time, he said that it was important for him to own a piece of the network rather than the price itself.
He explained that when the price starts rising, this is related to speculation and that people enter the space because they want to be part of these price movements to profit from them.
“This could also result in “sovereign wealth fund” that is worth billions of dollars entering the market. Sovereign wealth funds are funds that were not created by beneficiaries but by central governments. One of these funds is the Norwich pension fund in Norway.
On the matter, he commented:
“That will change the supply-demand imbalance from people speculating with a hundred of thousands of dollars isn’t going to change the long-term value of the network but when big users start to say, ‘hey I want a portion of my fiat exposure to be hedged against a calamity in the financial system.’ That’s when Bitcoin could get very exciting.”
There are several experts that believe that the most popular digital currency could reach new all-time highs in the future. For example, investor Tim Draper thinks that each Bitcoin is going to be worth $250,000. Meanwhile, John McAfee said that Bitcoin could reach $1,000,000 in just a few years.
Bitcoin is being traded around $5,500 and it has a market cap of $97.19 billion.