Morgan Creek Capital founder Mark Yusko thinks that we have not yet seen the FOMO (fear of missing out) phase grip Bitcoin (BTC) market participants.
Speaking at the Bitcoin Investor Day, the hedge fund veteran says that Bitcoin’s latest halving kicked up BTC’s fair value from $50,000 to about $80,000.
[adinserter block="1"]According to Yusko, he sees sidelined traders and investors rushing in to load up on Bitcoin once BTC rallies toward its new fair value.
“Fair value has doubled in each of the previous halving cycles. Now I don’t think it will double this time because now we have inscription fees related to ordinals.
And so instead of going from $50,000 where fair value is [pre-halving] to $100,000. I actually think we go probably to $80,000-ish, but we’re still below $80,000 so once you start going toward that new fair value post halving, then the FOMO kicks in.
Once the FOMO kicks in and you get the increased adoption from the demand shift from the Bank of America and Merrill Lynch and the thundering herd finally getting approval… I think all of that is going to push us to a very different price level.”
Yusko highlights that FOMO has not even started based on the low search activity for Bitcoin on Google. He also says that people close to him have not yet asked him about BTC.
“This [conference] is an echo chamber. We talk to each other on Crypto Twitter [about] how smart we are, but the average person? My family members are not calling me yet, [but] they will.”
At time of writing, Bitcoin is trading for $65,246, up 2.38% in the last 24 hours.
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