Back in 2020, Morgan Creek’s founder Mark Yusko was interviewed about Bitcoin (BTC), and he predicted that the cryptocurrency will surpass six digits in terms of value in the next five years and will reach $100K in 2021 or 2022. Yusko even went as far as saying that BTC could reach $400K-$500K.
Now, he is reiterating that prediction, explaining that investors “overlook and underestimate” the leading digital currency.
In an interview with CNBC, the Morgan Creek founder said, “This is the fastest network in history to a trillion dollars of value,” as compared to those who took 15 to 20 years to attain such milestone.
The Digital Gold theory
The equivalence of gold markets, estimated to be around $4 million, seems to be the basis for the fundamentals of Yusko in this matter.
He insisted if digital gold is capable of capturing a percentage of the enormous global market for gold, Bitcoin (BTC) can make it to $1 million per unit.
Yusko emphasized that people are missing out on the “technological evolution of computing power that isn’t going away,” believing that a powerful computing network will become the base layer protocol for the internet of value.
Not a DOGE and ETH fan
When asked about Dogecoin (DOGE) and Ethereum (ETH) that have seen tremendous gains lately, the Morgan Creek executive said only a few of the numerous crypto assets today will make it in the long run.
He noted that while there may be room for a couple of protocols to survive, thousands of coins, including DOGE, are useless, pointing out they are just utility tokens and have “no underlying value or use case and will eventually disappear.”
As for Yuko’s Bitcoin (BTC) price prediction, it is not far from the one made by venture capitalist Tim Draper, putting BTC to reach $250,000 by the year 2022.
But for now, BTC will have to stay put at its current price range, which stands at $55.6K at the time of writing.
Image courtesy of Cointelegraph News/YouTube