The Explosive Rally Predicted for Bitcoin by Morgan Creek’s Mark Yusko
Mark Yusko, the founder and CEO of Morgan Creek Capital, predicts that Bitcoin (BTC) will experience a significant rally this year. During an interview, Yusko stated that he believes BTC could reach a price of at least $100,000 by the end of 2024. He also mentioned that the all-time high will be surpassed and could potentially happen within days.
The Factors Driving Bitcoin’s Price Higher
Yusko explained that the price of Bitcoin will be driven higher due to various factors. He mentioned that exchange-traded funds (ETFs) are taking more Bitcoin out of the market than what is being mined daily. After the halving, this rate will double or triple. Therefore, it’s a supply-demand issue. Currently, there is a demand shock, and in April, there will be a supply shock when the daily mined Bitcoin reduces from 900 to 450. These two factors combined will cause the price to rise.
Central Banks Adopting Bitcoin
Yusko also believes that some central banks will eventually include Bitcoin in their reserve holdings. He compared it to how central banks adopted the Chinese Renminbi currency. He explained that gold is considered the base layer of money and central banks hold other currencies as a store of value on top of gold. In his opinion, Bitcoin serves as digital gold and smart central banks will eventually allocate some of their reserves to it.
The Current Price of Bitcoin
At the time of writing, Bitcoin is trading at $43,452.
Hot Take: Potential for Rapid Growth in Bitcoin’s Price
Morgan Creek’s Mark Yusko is confident about the future of Bitcoin, predicting an explosive rally that could take the cryptocurrency to new heights. With the supply and demand shocks expected to occur, Yusko believes that Bitcoin will surpass its all-time high and potentially reach a price of at least $100,000 by the end of 2024. This projection is driven by the increasing demand for Bitcoin and the upcoming reduction in mined supply. Additionally, Yusko suggests that central banks may eventually adopt Bitcoin as part of their reserve holdings, further contributing to its growth.
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