Benzinga - Hedge funder Mark Yusko began buying Bitcoin (CRYPTO: BTC) for Morgan Creek Capital Management in 2018, a company he founded and is the CEO of today.
When Bitcoin fell in value in 2019 and many people were worried about the future of the leading cryptocurrency, Yusko offered up a fearless prediction that proved to be a great call.
What Happened: Yusko is one of many notable Bitcoin bulls who believe in the long-term value of the cryptocurrency.
While speaking with Benzinga recently on "The Raz Report," Yusko shared a price target of $100,000 to $150,000 for Bitcoin in mid-2024.
Yusko said Bitcoin hitting $1 million in the next two to five years is feasible, but unlike some Bitcoin bulls like Cathie Wood, he doesn't see it happening that soon.
Over time, Yusko believes Bitcoin could hit a $5 trillion market capitalization compared to its $833 billion market capitalization today.
Yusko, who spoke at the 2023 Benzinga's Future of Digital Assets event, sees several use cases for Bitcoin in the future including acting as a settlement layer for global assets.
Back in 2019, Yusko was asked by CNBC hosts if Bitcoin falling to a three-month low was a concern for investors.
"Buy it," Yusko said of Bitcoin. "The daily price of Bitcoin doesn't matter."
Yusko told the hosts that the price of Bitcoin is similar to other assets like stocks and fluctuates. The hedge funder added that Bitcoin had been around for 10 years, and every year except one the crypto had made a higher low.
Yusko also highlighted that every fundamental indicator was making new highs, including wallet usage, transaction size and number of transactions.
Related Link: How To Buy Bitcoin
Investing $1,000 in Bitcoin: While everything shared by television hosts discussing finance shouldn't be taken as investment advice, in the case of Yusko's interview the advice proved to be timely and profitable.
Bitcoin traded between $7,895.63 and $8,515.69 on Sept. 26, 2019 when Yusko appeared on CNBC's "Fast Money."
An investor could have purchased 0.1174 BTC with $1,000 based on the highest price for the cryptocurrency that day.
Today, the $1,000 investment would be worth $5,003.33 based on a price of $42,617.83 for Bitcoin at the time of writing. This represents a potential return of 400.3% over the last four years.
Compare the return of Bitcoin to the same $1,000 invested in the SPDR S&P 500 ETF (NYSE:SPY), which tracks the S&P 500 stock market index. The $1,000 investment on the same date based on an adjusted closing price of $277.52 would be worth $1,716.19 today.
This represents a return of +71.6% for the SPDR S&P 500 ETF over the same period.
Read Next: If You Invested $1,000 In Bitcoin When The First Bitcoin ETF Was Filed, Here’s How Much You’d Have Today (And Did You Beat Tesla, Apple?)
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