Mark Yusko, a former bitcoin and crypto skeptic, thinks the BTC price is likely to hit $100,000 by the time 2021 rolls along.
Mark Yusko Has Gone From Hater to Believer
As the chief executive and chief investment officer at Morgan Creek Capital, Yusko was - at one time - not a believer in crypto and held more faith in traditional fiat. At the time of writing, however, some of that sentiment seems to have switched, with Yusko showing a little more interest in the digital asset and acknowledging that it’s present level of popularity is likely to propel it to higher places within the next ten years.
In a recent interview, Yusko comments:
Between now and 2021, we’re likely to see $100,000 bitcoin. By 2025, we’re likely to see $250,000 bitcoin, and then some time out, 2030, we could see $400,000 or $500,000 bitcoin as it reaches gold equivalence.
Yusko says that for the most part, bitcoin and blockchain - the technology underlying the currency - are both in their infancy, which could work in their favor. He also was complimentary of bitcoin’s ability to battle wealth inequality, which he says could lessen in the coming years thanks to new blockchain advancements.
It really is about the growth mindset and focusing on the venture capital upside or the asymmetric upside of the asset at this point… The government and the elites want to have all the wealth, so they manufacture inflation and the wealth flows to the top. And that’s why we have the greatest wealth inequality in the history of mankind. Bitcoin helps solve that because now we can opt-out as an owner of assets from that fiat system.
Bitcoin has had something of a mixed year, so it’s refreshing to see more positive affirmations that its present price isn’t permanent. Things started out relatively poor in 2019 with BTC - the number one form of crypto in the world - trading at the mid-$3,000 level following a serious end-of-year tank that occurred around Thanksgiving 2018.
From there, the currency rose to $5,000 and eventually peaked in the summer at $13,600, but has since lost nearly half that value following bearish trends invoked by Bakkt’s dismal opening, the testimony of Mark Zuckerberg regarding Libra, and China’s allegedly waning interest in the digital currency. At press time, bitcoin is trading for just over $7,200.
Everyone Thinks BTC Is About to Explode
At the same time, Yusko’s words reflect what many bitcoin bulls have been saying for some time - that BTC is about to hit the six-figure mark in a relatively short period. Among those speaking of bitcoin’s positive future over the next year is Ross Ulbricht, the founder of Silk Road who’s currently serving a life sentence.
Ulbricht recently claimed that bitcoin was likely to hit the $100,000 mark sometime in the year 2020.