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- The founder of Morgan Creek Capital Management is making a bold Bitcoin price prediction.
- According to Mark Yusko, the apex cryptocurrency could surge to a whopping $300,000 by 2028.
As Bitcoin and the entire cryptocurrency market prepare to enter the new month, more key players have been sharing their outlook on Bitcoin’s price and its potential long-term performance.
Very recently, the CEO of Morgan Creek Capital Management made a bold Bitcoin price prediction that has since left a handful of market players in shock.
Mark Yusko, the CEO of the billion-dollar asset manager is betting big on Bitcoin. Although the apex cryptocurrency is still struggling to sustain momentum around the $30,000 price level, Yusko is bullish on Bitcoin. He predicts that the digital asset will tap $300,000 come 2028, right after the halving is successfully carried out.
Yusko made the prediction recently while speaking to
CoinDesk TV’s First Mover. The CEO also compared Bitcoin to Gold, a long-standing Bitcoin rival.
Like many other Bitcoin proponents, Mark Yusko believes that Gold is not as divisible or as portable as Bitcoin. He also highlights Bitcoin’s scarcity as one of the many reasons why the asset is poised to outperform gold. He is certain that in the future, digital assets will become as valuable as gold.
Speaking specifically about Bitcoin, Yusko also acknowledged that gold’s monetary value is currently capped at $6 trillion at this time. While Bitcoin is still significantly behind, Yusko believes that the apex cryptocurrency could catch up in no time. He asserted:
The monetary value of gold is about 6 trillion, I think bitcoin can replace all of that, the monetary equivalent of $6 trillion is about a 10X from here, which gives us a price of about $300K.
Key players collectively bet big on Bitcoin
The next Bitcoin halving is expected to kick off in April of 2024, with the next one scheduled for 2028. Bitcoin halvings have typically ushered in a bullish price rally for the asset in previous times. Yusko acknowledges this, saying “Every [Bitcoin] halving we’ve added a zero, and by next April I think we could go to $100,000.”
Many key players have also made bullish predictions for Bitcoin. Notably, Cathie Wood ARKInvest made a $1.5 million Bitcoin price prediction back in February.
Wood recently doubled down on the price prediction, citing the recent XRP court ruling as a positive signal for Bitcoin and the entire cryptocurrency market.
Standard Chartered also predicted that Bitcoin would tap $120,000 by the end of the year. Crypto service provider Matrixport, also called $125,000 as a year-end price for Bitcoin in 2024.
Meanwhile, Bitcoin’s recent price performance has birthed concerns from market players this week. The leading cryptocurrency maintains stability above the $30,000 price level.
At press time, the big bull is trading at a price of $29,292. If the selling pressure persists, Bitcoin could drop to the $28,000 price level. 24-hour losses and 7-days losses are currently sitting at 0.60% and 2.01% respectively. The altcoin market is also in the red zone at this time, as Ethereum (Ether) and other leading altcoins continue to shed weekly gains.
