BlackRock’s application for a Bitcoin exchange-traded fund (ETF) has the potential to ignite a new crypto bull market, according to Mark Yusko, the chief investment officer and founder of Morgan Creek Capital. He believes that the fair value for Bitcoin is around $55K based on Metcalfe’s law model. Yusko predicts that as the Bitcoin price approaches this level, speculators will enter the market in large numbers, driving the price to new all-time highs. However, he also anticipates a speculative blow-off top in 2024, leading to a subsequent downturn and crypto winter. Yusko is highly confident that BlackRock’s Bitcoin ETF application will be approved by the SEC and serve as a catalyst for the next bull run.
Key points:
1. BlackRock’s Bitcoin ETF application may trigger a new crypto bull market.
2. According to Yusko, the fair value for Bitcoin is around $55K.
3. Speculators are expected to enter the market and push the price to new all-time highs.
4. A speculative blow-off top is predicted for 2024, followed by a downturn and crypto winter.
5. Yusko is confident in the approval of BlackRock’s Bitcoin ETF application by the SEC.
Hot Take:
Mark Yusko’s optimistic outlook on the impact of BlackRock’s Bitcoin ETF application and his prediction of a new bull market showcases the growing mainstream acceptance and interest in cryptocurrencies. While his forecast of a speculative blow-off top and subsequent downturn highlights the volatility and cyclical nature of the crypto market. It will be interesting to see how these developments unfold in the coming years.
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