Morgan Creek CEO: Bitcoin Could Reach $250K Chasing After Gold
Bitcoin (BTC) may be in a bit of a lull lately, but Morgan Creek Capital CEO Mark Yusko reckons it still has all more potential than ever. He has predicted that the world’s largest cryptocurrency could reach a value of $250,000 in the next four or five years.
Reports indicate that the founder and chief investment officer of Morgan Creek Capital Management equates bitcoin to gold. And his prediction that the cryptocurrency could hit the $250,000 mark in five years is based on that equivalence. More specifically, as “digital gold,” as Yusko refers to BTC, approaches gold’s monetary value of $4 trillion, it could designate the cryptocurrency a value of $250,000.
Yusko believes that many investors underestimate BTC as simply a token of value. Whereas, in the CEO’s opinion, the cryptocurrency is much more than that.
Appearing on CNBC’s Trading Nation, Yusko referred to BTC as “a powerful computing network that is going to become the base layer protocol for the Internet of Value.” A network that he lauded as the fastest in history to reach $1 trillion in value.
Yusko and other cryptocurrencies
The interview also gave Yusko time to dish praise and criticism on other cryptocurrencies. He said that ether (ETH) could be the “www.” or toolkit to build applications, which will then run on base-layer protocols like BTC. These comments came just as ETH hit an all-time high, surging above the $4,100 mark.
Meanwhile, Yusko held the meme-inspired Dogecoin (DOGE) in far lower esteem, which he flatly called “a joke” when it was first mentioned in the interview. The CEO elaborated by saying that there were “thousands” of coins, including DOGE, that are “useless,” with “no underlying value.” Yusko joins the ranks of CEOs such as Mike Novogratz who have a poor opinion of DOGE, which is currently ranked the fifth most valuable cryptocurrency by market cap. It hit its own all-time high of $0.75 on May 8.
Bitcoin’s recent performance
It has been nearly four weeks since BTC hit its current all-time high. Back in the middle of April, BTC shot off to a record price of $64,854. Since then, it has fallen back a bit, making repeated attempts to climb back up across the $60,000 threshold. It came close on May 10 with a price of $59,577 but is currently back to resting near the $58,000 mark.
The post Morgan Creek CEO: Bitcoin Could Reach $250K Chasing After Gold appeared first on BeInCrypto.
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