Morgan Creek CEO: Bitcoin price could reach 400,000 USD
Home News Morgan Creek CEO: Bitcoin price 400,000 USD to reach
Marcus Misiak –
The CEO of the crypto-investment company Morgan Creek Digital increased its forecast that the price of Bitcoin will go up to $ 400,000. In a new Interview with BloxLive TV Yusko says that his assessment is based on the Bitcoins scarcity and advantages over Gold.
During a recent Interviews Morgan Creek Capital founder Mark Yusko explained that the Bitcoin price could reach in a reasonable time, a value of 400,000 US dollars.
Yusko claims that Bitcoin will become a replacement for Gold. The leading crypto-currency is often referred to as “digital Gold” because it has many Similarities to Gold. In the digital age Yusko believes that Millennials will invest very unlikely “in bulky gold bars”. Yusko explained that this is as following:
Gold is an asset, a monetary asset. It is for 5,000 years hard money […] and it’s about 7.4 trillion dollars in value in circulation. The beauty of Bitcoin is that it is digital Gold. It is much easier to transport, much easier. It is really difficult to find a gold ingots to break into its individual parts. And so it has all these essential properties, which I think is better than Gold.
The price forecasts of us $ 400,000 is based on a simple mathematical assumption: You have to share the entire market capitalization of Gold by the circulating supply of Bitcoin in order to receive the us $ 400,000 estimate. According to Yusko, it could take a decade or even longer until Bitcoin has reached such a mammoth price.
Yusko also spoke about the recent Binance Hack and pointed to the Positive, he said that the hacker attacks the value of Bitcoin:
People don’t steal things that have no value. The fact that hackers participate in all this work, to try to steal things like Bitcoin that confirmed, in my opinion, the value proposition. I also think that it points to a couple of other really good things for the Ecosystem, such as the need for insurance. The fact that Binance has a Fund in which you take a part of the profit and it set aside to compensate customers in the event that this happens, like the FDIC in the banking sector, is considered in a positive light.
During the Morgan Creek CEO has taken a new Bitcoin price forecast on the basis of the comparison to Gold, is currently promoting another great crypto-investment company, Grayscale, investment, Bitcoin as an Alternative to Gold. As Fortune reported, started in the crypto-investment company Grayscale recently, an “unprecedented” Multi-million-Dollar advertising campaign to the comparison of Bitcoin and Gold. The first national American TV-Spot of the company, the “Drop Gold”, reflects Yuskos statements.
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