Morgan Creek CEO predicts bitcoin to touch $500,000 in ten years

CEO and CIO at Morgan Creek Capital Management, Mark Yusko, believes bitcoin is better than gold, and the price of the leading cryptocurrency will reach $500,000 in the next ten years' time.

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In an interview with Business Insider, CEO of Morgan Creek Capital Management, Mark Yusko said that bitcoin will reach $100,000 by the end of 2021 and $500,000 in the next ten years. He also said Bitcoin will soon overpower the gold’s market capitalization.

 

“Bitcoin network is becoming more invaluable as adoption increases.”

The CEO of the investment management firm, Morgan Creek, said, “The key to bitcoin is the network…It grows in proportion to the inverse of the sum of the squares of the number of participants.” He further opined that the Bitcoin network is becoming more invaluable as adoption increases. According to Mark Yusko, Bitcoin will reach $100,000 between now and 2021, and Bitcoin may touch $250,000 by 2025, and by 2030, the digital currency could touch $400,000 or $500,000.

 

Bitcoin struggles to break above $8,000

At the time of writing bitcoin is trading at just above the crucial mark of $7,000. From the last few weeks, the price of bitcoin has struggled to touch $8,000, and many analysts have predicted that it might go below $7,000 in the short term. The bitcoin halving is scheduled to take place in May next year, and crypto enthusiasts believe that the price of the cryptocurrency will go up and break its previous all-time high sometime after the halving event.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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