The co-founder of cryptocurrency hedge fund Morgan Creek Digital, Mark Yusko, says that the idea of Bitcoin going to zero is no longer within the realm of possibility.
In a new The Wolf Of All Streets interview with Scott Melker, Yusko says that talk of BTC going zero might erupt as the leading crypto asset surges in value and defies expectations.
“At $450,000 per coin, people are going to be freaking out, ‘Oh, you know, it has to go to zero from here.’ Zero is off the table. We’ve reached the network effect critical mass where this technology is here to stay. There are a lot of things it’s going to do beyond just the gold store of value use case… We’re taking a tradfi (traditional finance) world and an analog world that went to electronic and centralized finance, now we’re going to move to truly digital and a decentralized world which is just far superior.”
Yusko adds that on-chain fundamentals point to Bitcoin’s staying power.
“The information that we all look at objectively, if we just look at data in terms of adoption, wallets, blocks, transactions, and use cases for these technological innovations, [they] just keep rising. So fundamentally, my conviction is incredibly strong now.”
As for his price target for Bitcoin, Yusko believes that BTC is far superior to gold and it can potentially consume the yellow metal’s market share en route to becoming the undisputed store-of-value asset.
“Could Bitcoin then achieve that level, not just a monetary use but a pure store of wealth and value use? Yep, it could. Raoul Paul wrote the first one saying that was a million dollars a coin. I kind of adjusted it to say it’s really about a half million dollars a coin. If there’s 21 million, you got a few lost, multiply that, you get to that $8 trillion [market cap].”
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