Morgan Creek Digital’s co-founder, Mark Yusko, went on the record predicting that Bitcoin (BTC) will sooner or later hit and surpass the half-a-million dollar level. He also shared his thoughts about the crypto verse, its future and the path that will bring Bitcoin to that price. This happened during a conversation with BloxLiveTV’s Layah Heilpern.
Mr. Yusko referred to the recent Binance hack. He said, very socratically, that if there are people in the world trying to steal Bitcoin tokens, it can only be because they’re worth something. He also said that companies should have their customers’ digital assets insured.
Binance’s case in particular because the company did think ahead and it holds a fund devised particularly for this scenario. It’s called Secure Asset Fund for Users (SAFU). So the trade and exchange platform will use that fund to compensate its affected users for their lost assets. This way users don’t lose their digital wealth, and the company stays in business.
Bitcoin and crypto’s future
Another conversation point was the future of cryptocurrencies and how Bitcoin will do in the market. On that, he said that the mother of all digital currencies will reach a price as high as USD 400.000,00. Yusko knows his facts very well. He explained that reaching such value would need for Bitcoin to have a market capitalization in the same order of magnitude as gold, no less.
If such a point were reached, Bitcoin’s total value would be at USD 7,4 trillion. This notion implies that Bitcoin can and will replace gold as the world’s preferred wealth storage method which is not a sure thing by any means. The potential for Bitcoin to indeed become digital gold is there without a doubt. But it hasn’t had enough time, or stability, to prove it can pull that trick off.
Timing is essential, of course. In Mr. Yusko’s opinion, the USD 400k mark can happen but not in the next few weeks or months but in a decade or a similar period. Bitcoin’s price has soared over the last month by more than 100%, and most of that growth has happened over the last few days. Thus there’s Fear of Missing Out (FOMO) in the environment. Investors and would-be investors are now persuaded that Bitcoin’s price will reach previously unknown peaks.
More investors, retail and otherwise, will keep coming to the market trying to get a piece of the action. But new bitcoins will be slower to come into the market because that’s how the blockchain’s protocol is designed to work. Thus there will be deflationary pressure on the currency, and that could help to raise the price very quickly.
As we prepare this article for publishing, BTC trades at USD 8156. It’s grown by 10.96% over the last 24 hours, and it’s capitalized at USD 144 billion.
So Bitcoin’s future is bright according to Mr. Yusko. He’s most likely correct in his forecast. But more importantly, Bitcoin’s present looks bright enough for the time being. That being said, no new investor should come into the crypto verse and put money in it just because of FOMO.
Bitcoin is rising for sure. And it will go down again, and it will recover. So those who lose in the current opportunities will have plenty of new ones later on. The important thing is to understand how risky the cryptocurrency market is so when you get in, if you so choose, you can do it with your eyes open and a full understanding of what you’re doing.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.