The founder and CEO of crypto hedge fund Morgan Creek Digital, Mark Yusko, is optimistic that Bitcoin (BTC) will reach six figures.
Yusko says in a new Wolf of All Streets interview that if Bitcoin is considered the digital equivalent of gold, it could potentially reach the same market cap as the precious metal, which would be 887% from current levels to a price of $300,000.
“If you have a base case that the market cap of Bitcoin should roughly equal gold’s market cap, a reasonable assumption, we say that Bitcoin is digital gold and it plays the role of base money…
Let’s just round gold [market cap] to $12 trillion, which it probably is. But here is the thing, half of that gold isn’t money. It’s jewelry, and chalices, and stuff that isn’t really used as a monetary base. So that half is $6 trillion. That’s a 10x from here. Current price of $30,000, 10x is $300,000.
$300,000 to me is so easy we don’t even have to debate. Because the idea of Bitcoin being better than gold as a store of value, unit of account, as more portable… If I had a bar of gold and I wanted to break it in half and send you half, I’m not strong enough to break a bar of gold first of all.
Secondly, I couldn’t stuff it into the computer to send it to you. If I want to send you some Bitcoin, it’s just a couple of buttons and we’re done.
So that’s a superior store of value. So I believe Bitcoin-gold equivalence is a no-brainer.”
On when Bitcoin could reach $300,000, Yusko says,
“Now when? Tomorrow? Next day? I don’t care. Sometime in the future. That’s easy that $300,000 number.”
Bitcoin is trading at $30,376 at time of writing.
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