Morgan Creek Capital founder Mark Yusko is naming two catalysts that could send the price of Bitcoin (BTC) flying to fresh all-time highs.
In a new Kitco News interview, Yusko says that Bitcoin will likely surge on the back of its upcoming halving event the possible approval of a spot-based Bitcoin exchange-traded fund (ETF).
"I think this halving, a $100,000 will be the fair value. So fair value will Crete from $55,000 today to by the halving next April, May, call it June… let's call it the middle of summer next year, a $100,000 will be fair value.
[img]https://dailyhodl.com/wp-content/upload ... ze=750,375[/url]
But we won't go to $100,000. We will get to a $100,000, and then we'll have speculation. Now, how much speculation?
Depends on the approval and the timing of the approval [of a spot Bitcoin ETF] and where we are in the adoption cycle and how much of that $300 billion is coming in.
It depends on the amount of leverage that allows people to increase their buying power. And I think the leverage will be lower this time. And so let's say we blow through that $100,000 and we're at $150,000. That seems reasonable to me. So somewhere between $100,000 and $150,000."
Bitcoin is trading at 29,373 at time of writing. A move to Yusko's upper range target suggests a 410% rise for Bitcoin from its current price.
Yusko also says that US financial advisors using ETFs control $30 trillion and an allocation of 1% to Bitcoin would have a “huge” impact on BTC.
"It's a $30 trillion market that is advisors that use ETFs. Let's say they do one-tenth of 1%: $30 billion. That's not that much, that's not going to move the price of a $500 billion asset. It's not a $500 billion asset of free float. Free float is maybe a $100 billion, maybe. So $30 billion on $100 billion, price is going to go up.
It might not be one-tenth of 1%. What if everybody did 1%, which isn't even outlandish given it's the best-performing asset last three years, last five years, last 10 years, since inception 14 years ago?
So if I'm an investor or I'm a fiduciary of investors as an IRA (Individual Retirement Account), I might have to put some percentage in Bitcoin if everyone else is doing it. So at that point what if it's 1%? Now we're talking $300 billion on $100 billion of free float. That's a big move, big, like huge."
[youtube]o9lFRPCg1HE[/youtube]
Cryptocurrency exchanges review:
#1 OKX - 24h Volume: $ 1 097 255 972.
OKX is an Hong Kong-based company founded in 2017 by Star Xu. Not available to users in the United States.
#2 ByBit - 24h Volume: $953 436 658.
It is headquartered in Singapore and has offices in Hong Kong and Taiwan. Bybit works in over 200 countries across the globe with the exception of the US.
#3 Gate.io - 24h Volume: $ 643 886 488.
The company was founded in 2013. Headquartered in South Korea. Gate.io is not available in the United States.
#4 MEXC - 24h Volume: $ 543 633 048.
MEXC was founded in 2018 and gained popularity in its hometown of Singapore. US residents have access to the MEXC exchange.
#5 KuCoin - 24h Volume: $ 513 654 331.
KuCoin operated by the Hong Kong company. Kucoin is not licensed to operate in the US.
#6 Huobi - 24h Volume: $ 358 727 945.
Huobi Global was founded in 2013 in Beijing. Headquartered in Singapore. Citizens cannot use Huobi in the US.
#7 Bitfinix - 24h Volume: $ 77 428 432.
Bitfinex is located in Taipei, T'ai-pei, Taiwan. Bitfinex is not currently available to U.S. citizens or residents.
My bitcoin-blog: https://sites.google.com/view/my-crypto-jam/portfolio
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Two Catalysts Will Catapult Bitcoin by Up to 410%, Predicts Hedge Fund Veteran Mark Yusko – Here's His Outlook
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Two Catalysts Will Catapult Bitcoin by Up to 410%, Predicts Hedge Fund Veteran Mark Yusko – Here's His Outlook
Post by Nerflent » Sun Aug 13, 2023 3:56 pm
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