The Morgan Creek Capital Management founder expects bitcoin to catch up to gold's valuation.
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Bitcoin (BTC), the world’s largest cryptocurrency by market value, could reach $300,000 by 2028, said Mark Yusko, Morgan Creek Capital Management founder and CEO, on CoinDesk TV’s First Mover.
Yusko made the prediction while comparing bitcoin to gold. Gold is not portable or divisible, whereas bitcoin is, CEO of the $1.6 billion asset management firm explained. "Bitcoin fixes both of these issues, and is equally scarce," Yusko added, making the case that the digital asset could eventually catch up to the precious metal’s valuation.
“The monetary value of gold is about 6 trillion, I think bitcoin can replace all of that, the monetary equivalent of $6 trillion is about a 10X from here, which gives us a price of about $300K,” said Yusko.
He estimates that the $300,000 price could be reached by 2028, when bitcoin will go through another halving event.
Roughly every four years, the bitcoin rewards, the miners receive for successfully mining a block, are cut in half to control the blockchain's supply economics. This event is known as the halving and is often seen as a positive catalyst for the price of the digital currency as it reduces inflationary pressure on bitcoin. The next halving will be around April of 2024, followed by one in 2028.
Yusko’s bullish prediction hinges on using previous historical examples of how the price of bitcoin behaved after each halving event. "Every [Bitcoin] halving we’ve added a zero, and by next April I think we could go to $100,000,” he said.
Yusko joins other bitcoin bulls who have recently predicted a higher price for the digital currency. Most recently, British multinational bank, Standard Chartered, predicted that bitcoin could reach $120,000 by the year-end. Meanwhile, Crypto services provider Matrixport, said it sees bitcoin rallying to as high as $125,000 by the end of 2024.
Bitcoin has climbed about 70% since the start of the year and is currently trading at $29,300, after falling 64% in 2022.
Edited by Aoyon Ashraf.
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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.
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