Cryptocurrency expert predicts 800% growth of bitcoin

Mark Yusko, founder and CEO of cryptocurrency hedge fund Morgan Creek Digital, believes that bitcoin will reach six figures in the future.

In a new interview with Wolf of All Streets, Yusko said that if we consider bitcoin to be the digital equivalent of gold, it could potentially reach the same market capitalization as the precious metal, i.e. 887% of current levels. Thus, the flagship cryptocurrency has the potential to grow to $ 300,000.

«If you have a basic assumption that the market capitalization of bitcoin should be roughly equal to the market capitalization of gold, then we would say that bitcoin is digital gold, and it plays the role of base money…

Let’s just round up the market value of gold to $ 12 trillion, which is probably true. But the fact is that half of this gold is not money. It’s jewelry and other things that are not really used as a monetary base. So this half is 6 trillion dollars. That’s 10 times more than [за ринкову капіталізацію BTC]. Thecurrent price of [BTC] is $ 30,000, 10 times is $ 300,000," says Morgan Creek Digital CEO.

Yusko is vague about the timeframe when the HTC can reach $ 300,000: «When — now? Tomorrow? The day after tomorrow? I don’t care. Sometime in the future. It’s easy, this figure of $ 300,000 is not something super complicated [для біткоїна]».

According to the analytical tracker CoinMarketCap, at the time of writing, the main digital asset BTC $62,357.97 Bitcoin -2.11% Market capitalization $1.23 trillion VOL. 24 hours $1.24 billion has dropped by 0.47% and is trading at $ 29,802. The total supply of coins circulating on the market amounted to $ 625.9 billion. Traders executed daily trading deals worth $ 14.3 billion, up 6.7%. Bitcoin’s dominance in the market has not changed since yesterday and amounts to 48.3%.