Ever since the start of the year, Bitcoin has been experiencing considerable gains. That, in a definitive way, seems to provide enough ground for experts to make fascinating predictions involving the globally popular digital currency.
One such prediction has been made by Mark Yusko, the CEO, Chief Investment Officer, and Founder of Morgan Creek Capital Management. It is a renowned investment management company that advises wealthy individuals, families as well as institutions. As per Yusko, the price of Bitcoin will reach the mark of 400,000 dollars or 500,000 dollars within the span of the next 10 years. Bitcoin has all the potential to reach such a high value as it will head towards attaining a market capitalization value that’s similar to Gold.
While sharing his opinions, Yusko also brought attention to the fact that Gold has always been the hard money, since as long as 5 thousand years now. It holds the value of around $7.4 trillion. He further stated that Bitcoin is regarded as the digital gold and has all the features that can make it significantly more superior than the much-loved metal. These features include its decentralized nature, ease of transportation as well as division.
If Bitcoin successfully achieves the value similar to gold, 7.4 trillion to be precise, then each coin will be valued at $400,000 or even $500,000 after we divide the total value by Bitcoin’s max supply of 21 million tokens, said Yusko. According to him, this might happen in the time span of 10 years or more.
Additionally, the leading investment officer also shared his views on the latest hack Binance had faced where the exchange lost about 41 million dollars’ worth of Bitcoins in the theft. He termed the hack as ‘bad’ but he also put the positives to light. Yusko expressed that it is only the valuable things that people intend to steal which sort of reaffirms the value theory.
Bitcoin, the #1 digital currency in the cryptocurrency market, was being traded at 7,060.37 USD at the time of writing.
Whether the prediction made by Yusko comes true or gold continues to rule as the ultimate hard money, remains to be unveiled only in the future.