- The Morgan Creek CEO believes that we might experience some correction given BTC’s quick 40 percent surge in October.
- Mark Yusko also said that Bitcoin is clearly replacing Gold and that it will hit $250,000in the next five years.
It has been a pretty good start to Q4 20-21 so far as the BTC price has surged 40 percent in the first fifteen days of October. The news about the first Bitcoin ETF arrival in the U.S. market is getting investors excited
As of press time, Bitcoin (BTC) is trading at $62,067 with a market cap of $1.169 trillion.
Mark Yusko – Chief Executive Officer at Morgan Creek Capital Management – says that we can possibly see some profit booking in the short term. Yusko told during an interview with CNBC’s trading nation last Friday. The Morgan Creek Capital CEO said:
There are a lot of people that think we could hit $100,000 by the end of the year. The stock-to-flow model says we should. I also wouldn’t be surprised of a little consolidation. Look, we’re up 40% this month which is only 15 days old.
It is for the first time since April 2021 that BTC has been trading above $60,000. Currently, it is just another 5 percent from hitting a new all-time high. During the interview, Yusko also touched down on the optimism surrounding the Bitcoin ETF arrival. He said:
We’re excited, obviously, that people are recognizing that approval is likely imminent. We’ve been bullish on cryptocurrency, and bitcoin in particular, for a long time. A pause that refreshes given how overbought we are right now wouldn’t surprise me. There is some risk of the buy the rumor, sell the news.
Despite some short-term skepticism, Mark Yusko remains bullish on Bitcoin for the long term.
Bitcoin to touch $250,000 in five years
Yusko added that any correction hereon shall be temporary. He is confident enough that Bitcoin will not take anymore than five years to touch the $250,000 levels. The Morgan Creek CEO hinges on his bullish predictions on rising adoption and network growth. He added:
This is a network and networks grow in an exponential way. This is the fastest network in history to a trillion dollars of value, right on the heels of FAANGS that took, you know 15 to 20 years depending on which one you are looking at.
Yusko further commented on Bitcoin’s limited supply of 21 million coins and how it is already Gold as an asset class. He said: “It’s classic supply and demand. One of the nice things about bitcoin as an asset is it has a finite supply. We know every day for the next 140 years how many bitcoin will be minted through the mining process. I believe bitcoin has and is replacing gold. It’s now digital gold. It’s a perfect store value”.
It will be interesting to see how Bitcoin reacts in the short term. Will it go straight to $100K from here or after a minor pull-back?