Bitcoin price can reach 400,000 USD
Morgan Creek Capital founder Mark Yusko explained that the Bitcoin price could reach US$400,000 in a reasonable time.
The CEO of the crypto investment company Morgan Creek Digital raises his forecast that Bitcoin’s price will rise to $400,000. In a recent interview with BloxLive TV, Yusko says his assessment is based on Bitcoin’s scarcity and advantages over gold.
Yusko claims that Bitcoin will become a substitute for gold. The leading crypto currency is often referred to as “digital gold” because it has many similarities to gold. In the digital age, Yusko believes that Millennials are unlikely to invest in “bulky gold bars”. Yusko explained this as follows:
Gold is an asset, a monetary asset. It has been hard money for 5,000 years […] and there are about 7.4 trillion dollars in value in circulation. The beauty of Bitcoin is that it is digital gold. It is much easier to transport, much easier to share. It is really difficult to break a gold bar into its parts. And so it has all these essential properties that I think are better than gold.
The $400,000 price forecast is based on a simple mathematical assumption: you have to divide the total market capitalization of gold by Bitcoin’s circulating supply to get the $400,000 estimate. According to Yusko, it could take a decade or even longer for Bitcoin to reach such a mammoth price.
Yusko also talked about the recent Binance hack and pointed to the positive, saying that the hacker attacks prove the value of Bitcoin:
People don’t steal things that aren’t worth anything. The fact that hackers take part in all this work to try to steal things like Bitcoin confirms, in my opinion, the value thesis. I also think it points to a few other really good things for the ecosystem, like the need for insurance. The fact that Binance has a fund where they take part of the profit and put it aside to compensate customers in case this happens, like the FDIC in the banking sector, is very positive.
Translated with www.DeepL.com/Translator
While the Morgan Creek CEO has made a new Bitcoin price forecast based on the comparison to gold, another large crypto investment company, Grayscale Investment, is currently promoting Bitcoin as an alternative to gold.
As reported by Fortune, crypto investment firm Grayscale recently launched an “unprecedented” multi-million dollar advertising campaign to compare Bitcoin and gold. The company’s first national American TV commercial, called “Drop Gold”, reflects Yusko’s statements.
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