The upcoming Bitcoin halving is leading to price surges across the crypto market. The price of Bitcoin is currently circling $10,000 ahead of the halving event. However, the CEO of capital management behemoth Morgan Creek is now suggesting Bitcoin’s price could surge to a monumental $100,000 by next year.
Morgan Creek CEO says Bitcoin could reach $100,000 in 2021
These comments came in a recent interview on May 6th, with the YouTube channel Altcoin Buzz. In it, Morgan Creek’s CEO, Mark Yusko, said Bitcoin’s price could rally by a whopping 1,000% until next year.
Although Bitcoin’s nearing $10K, this prediction would see Bitcoin surpass $100,000 – an order of magnitude higher than the current price. According to Yusko, this surge would see Bitcoin’s market capitalization approach the same value as the gold market cap holds.
Moreover, Yusko notes that this would represent one of the most dramatic value transitions and “wealth creation opportunity” in history. “I actually believe that this transition will be the biggest wealth creation opportunity I’ll probably see in my lifetime,” Yusko said in the interview.
Yusko has not always been as bullish on Bitcoin
Those keeping an eye on the cryptocurrency markets will know that outlandish price predictions are nothing new. However, Yusko’s suggestion potentially holds some more credence. Due to Yusko’s position as a CEO for the asset management giant Morgan Creek, he is not part of any “Bitcoin permabull club”.
In fact, Yusko was a Bitcoin critic not long ago. During an interview with CNBC in August of 2019, Yusko had some choice words for the crypto asset class. In fact, he then said that it was best described as a “chaos hedge or schmuck insurance”.
Perhaps most notably, Yusko also notes that $100,000 could actually be too low a valuation for Bitcoin. Instead, Yusko argues that the price of Bitcoin could conceivably rally to a massive $400,000 in the coming years.
Yusko: Bitcoin could go as far as $500,000
“If we come to gold equivalence, meaning the market cap of Bitcoin equals the market cap of gold, which I think is perfectly logical, you could easily see that $400,000 to $500,000 price sometime.”
Furthermore, Yusko notes that it could take seven to ten years for the price of Bitcoin to reach these levels. He says that the exact timeline will depend on the full number of lost Bitcoin over the years. This could include Bitcoins inaccessible in lost wallets.
No matter what, it will be extremely interesting to keep an eye on Bitcoin’s price as the 2020 Bitcoin halving draws near. Bitcoin is on a bullish streak since passing $9,000 last week, and is close to an all-time yearly average high.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.