Last week, Morgan Creek Capital Management’s Mark Yusko explained to CNBC why he thinks Bitcoin is capable of hitting $ 250,000 in the next five years.
Bitcoin will hit the moon, that’s a fact
During his appearance on CNBC’s Trading Nation show, Mark Yusko compared the rapid adoption of Bitcoin to the growth of the FAANG companies (Facebook, Apple, Amazon, Netflix, and Google).
Therefore, for Yusko the adoption of the network and its greater use is an element that many crypto analysts overlook. In fact, he argues that the key is much more complex than a simple token of value.
So, with this in mind, Mark Yusko establishes that Bitcoin has what it takes to reach $ 250,000 in the next five years. In this way, he bases his goal on a gold equivalency.
So, “If the monetary value of gold is $ 4 trillion, then digital gold should rise to that total, a sum that puts the price in a quarter of $ 1 million per coin.». Therefore, Yusko believes that Bitcoin will rival gold for its ‘monetary value’.
«What people miss is that this is a technological evolution of computing power that is not going away. “, He said. Bitcoin «it is a powerful computer network that will become the Internet base layer protocol of value».
But, in addition, Yusko believes that some cryptos will disappear since they are useless for the world, not like Bitcoin. Therefore, he explains that «yes there is room for a couple of protocols to survive, but there are thousands of coins and Doge is in that category that really are useless they are just utility tokens that have no underlying value or use case and they will eventually disappear».
But BTC has faced some difficulties
Despite the bullish forecasts for Bitcoin persisting, the crypto has faced difficulties. So even though Bitcoin is up 98% in 2021 alone, it has had a difficult month with a performance of just 2%. At the time of writing this article, Bitcoin is worth $ 55,700, with a variation of -4.56 in the last 24 hours, according to Crypto Online, the CryptoTrend tool.