Morgan Creek’s CEO said Bitcoin could fly past $100,000 over the next year or so.
CEO of capital management giant Morgan Creek, Mark Yusko, said he sees Bitcoin’s (BTC) price shooting up by more than 1,000% as early as next year.
If Bitcoin’s market cap achieves the same value as that of gold, Bitcoin could logically see its price push past $100,000 at some point between 2021 and 2022, Yusko said in a May 6 interview with the Altcoin Buzz YouTube channel.
“I actually believe that this transition will be the biggest wealth creation opportunity I’ll probably see in my lifetime.”
The giant bubble popped
As Bitcoin heads into its third block reward halving, expected to take place between May 12 and 13, the asset looks back on an amazing recovery, posting more than 130% gains from its March bottom near $3,600 — all in the midst of a coronavirus-induced economic downturn.
“It acted exactly as all other safe haven assets did,” Yusko said of Bitcoin. “What happened in the markets is March was not really about the virus itself — the virus was the pin-prick,” he added, noting the virus as only the catalyst that popped a larger mainstream financial bubble.
Yusko actually sees $400,000 potential
Calling gold a store of value and safe haven asset, Yusko said he sees Bitcoin reaching as high as $400,000, fitting a similar role based on the limited supply of the two assets.
“If we come to gold equivalence, meaning the market cap of Bitcoin equals the market cap of gold, which I think is perfectly logical, you could easily see that $400,000 to $500,000 price sometime.”
Yusko stated a time horizon of approximately 7-10 years for Bitcoin to reach those price levels, depending on the number of lost Bitcoin over the years.
Bullish as Yusko’s fresh comments may be, Morgan Creek’s CEO has not always spoken so positively of Bitcoin. During an interview with CNBC in August 2019, Yusko referred to the asset as a “chaos hedge, or schmuck insurance.”