Bitcoin may be struggling to break back above $60,000, but Morgan Creek Capital Management’s Mark Yusko is aiming even higher.
The investment management firm’s founder and chief investment officer predicts the cryptocurrency could reach $250,000 within five years. He says the key is it’s so much more than just a token of value –something he believes many investors overlook and underestimate.
“It’s just about network adoption and increased usage,” Yusko told CNBC’s “Trading Nation” on Friday. “This is a network and networks grow in an exponential way. This is the fastest network in history to a trillion dollars of value, right on the heels of the FAANGS that took, you know, 15 to 20 years depending on which one you look at.”
Yusko bases his $250k target on a gold equivalence. If gold’s monetary value is $4 trillion, then digital gold should move up to that total – a sum that puts the price at a quarter of a $1 million per coin.
— Read on www.cnbc.com/2021/05/09/bitcoin-crypto-misconception-could-propel-it-to-250k-mark-yusko.html