Morgan Creek Founder Anticipates Bitcoin Crossing $100,000
- Rudolph Harmon
- August 16, 2023
- Bitcoin, Crypto, News
- Bitcoin, Founder, Morgan Creek
- 0 Comments
Mark Yusko’s bold prediction envisions Bitcoin reaching six figures within a year, driven by network growth, potential ETF approval, and Metcalfe’s law.
CEO and Founder of Morgan Creek Capital Management, Mark Yusko, has made a bold prediction that the price of Bitcoin could reach six figures within a year. During an interview with Kitco News, Yusko discussed various aspects of the cryptocurrency market, including the regulatory environment and the potential impact of a spot Bitcoin ETF approval on Bitcoin’s price.
🔥 Mark Yusko, CEO & Founder of Morgan Creek Capital Management, predicts #Bitcoin may hit $100,000 within a year 🙌‼️
He discussed regulatory effects and the potential impact of a Bitcoin ETF on its price in an interview with Kitco News. 🚀 pic.twitter.com/LMNgUEXTAb
— RK Gupta (EarnWithRK) (@earnwithrk) August 16, 2023
ETF Approval Likely, but…
Yusko acknowledged the growing excitement around the possibility of a spot Bitcoin ETF approval, with major players such as BlackRock, Fidelity, Wisdom Tree, and VanEck submitting filings for such ETFs. However, he pointed out that although there is an impending deadline of August 13th for the SEC to approve or reject an application from ARK Invest, the SEC has the option to extend the deadline until January 2024.
Bitcoin Headed for $100,000
In terms of price forecasts, Yusko relied on Metcalfe’s law, which suggests that Bitcoin’s value grows exponentially with the network’s size. According to him, the law puts Bitcoin’s fair value at $55,000. He further predicted that with each halving event, the total value of the network could increase tenfold. Therefore, he anticipates that the upcoming halving and a potential spot ETF approval could push Bitcoin’s price to between $100,000 and $150,000 by mid-2024.
Despite Bitcoin’s current struggle to break out of a consolidation phase and the resistance at $31,000, Yusko’s predictions are based on the anticipation of a spot Bitcoin ETF approval and the underlying solid network fundamentals. These factors suggest enduring interest in Bitcoin and could potentially drive higher prices. At the time of writing, BTC was trading at approximately $29,187, experiencing a slight drop of 0.1% over the past 24 hours.
Takeaway
- Mark Yusko predicts Bitcoin could hit six figures within a year, based on Metcalfe’s law and potential ETF approval.
- Growing excitement around a spot Bitcoin ETF, but SEC may extend approval deadline.
- Yusko’s price forecast relies on network growth and halving events, projecting $100,000 to $150,000 by mid-2024.
- Despite current resistance, strong network fundamentals and ETF anticipation drive Yusko’s optimistic outlook.
