The bullish Bitcoin-related predictions have been flooding the crypto space lately, and after the latest bulls, the trend will definitely continue.
The latest crypto prediction comes from the CEO of Morgan Creek Digital, Mark Yusko.
BTC to hit $500k
Bitcoin has been surging a lot these days until it dropped again and the price saw a correction. Now, Mark Yusko has been expanding on his forecast that Bitcoin will surge to $500k.
Yusko has an interview with BloxLive TV, during which he said that this prediction is based on Bitcoin’s scarcity and the advantages that the coin holds over gold.
“Gold is an asset, a monetary asset. It’s been hard money for 5,000 years… and it’s about $7.4 trillion of value. The nice thing about Bitcoin is, it’s digital gold. It’s much easier to transport, much easier to divide. It’s really tough to break a bar of gold into its component pieces. And so it has all these essential qualities that I think are superior to gold,” he said.
Yusko also explained that Bitcoin’s total supply of 21 million together with the fact that investors lost their keys to about 23% of existing BTC shows that the price of BTC will be rising to $500k, as reported by the Daily Hodl.
The man continued and explained that of course, this will not be happening overnight, but in about a decade or so.
“Yusko continued and explained his theory, saying that “if we get the amount of value in total Bitcoin market value or network value equal to gold, that’d be about $7.4 trillion divided by 21 million coins, although there aren’t really 21 million left, and you get around $400,000 a coin, maybe $500,000 a coin. Now, when does that happen? It’s probably over a decade or maybe even more.”
sound ON! pic.twitter.com/SEGAmMItsE
— Grayscale (@GrayscaleInvest) May 1, 2019
It’s also interesting to note that Fortune reported the fact that Grayscale crypto investment company has launched a multi-million dollar ad campaign without precedent which compares Bitcoin and gold. This ad seems to be mirroring precisely Yusko’s thoughts.
Fergus Reynolds joined Crypto Daily Gazette as managing editor in January of 2018 and is helping to lead the digital media startup’s next phase of expansion. A veteran business journalist with more than 10 years experience economics, Fergus has published content for Huff Post and Buzz Fee and was among the earliest journalists covering bitcoin and the innovations it later inspired. Fergus tells us he has “several” bitcoins.