Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
Morgan Creek Capital Management CEO and chief investment officer Mark Yusko on Monday predicted a $150,000 for Bitcoin within a year’s time, even as he advocated a 1% to 3% allocation to the digital currency in one’s portfolio.
What Happened: In an interview with CNBC, he said, “Bitcoin is the king. It is the dominant token. It is a better form of gold,” highlighting Bitcoin’s supremacy and its enhanced value proposition compared to traditional gold.
As the financial markets wrapped up last Thursday, Bitcoin had experienced a notable surge, climbing approximately 159% over the previous year.
The apex cryptocurrency was trading down 1.3% at $69,500 level on Monday afternoon.
“It can go up 10x from here easily over the next decade,” he said, signaling his anticipation of exponential growth for Bitcoin in the coming years.
A significant factor in Yusko’s optimistic Bitcoin forecast is the introduction of Bitcoin exchange-traded funds (ETFs) at the start of the year, which he believes act as a bullish catalyst for the cryptocurrency.
Furthermore, Yusko pointed to the anticipated Bitcoin halving event, expected to occur in late April, as another pivotal moment for Bitcoin.
Also Read: Crypto Community Reacts To Sam Bankman-Fried’s 25-Year Sentence: ‘Will His Parents Ever Be Implicated?’
Why It Matters: Yusko’s opinion that Bitcoin is “a better form of gold” contrasts with that of ‘gold bug’ and prominent Bitcoin naysayer Peter Schiff. He pointed out that Bitcoin failed to make a new high against gold, despite its nominal dollar value all-time high.
In a Monday tweet, Schiff highlighted that the record-high price of gold was “again ignored” on CNBC, contrasting that with its coverage of Bitcoin. Schiff has previously criticized CNBC for being a “paid Bitcoin promoter.”
The discussion comes as Bitcoin tries to muscle in on gold’s reputation as a store of value. JPMorgan analysts have previously predicted that Bitcoin could indeed match the market capitalization of gold.
What’s Next: Industry leaders like Yusko will attend Benzinga’s Future of Digital Assets conference on Nov. 19, offering participants a comprehensive overview of trends and forecasts in the digital assets space.
Read Next: Sam Bankman-Fried Sentenced To 25 Years: Judge Points To Ambition, Political Manipulation
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