Morgan Creek Capital Management founder and CEO has opined that Bitcoin’s forthcoming market cycle could witness the asset surpassing gold in terms of market cap and trade at over $200,000. While talking on CNBC’s Trading Nation on May 9, Mark Yusko equated the quick adoption of Bitcoin to the rise of FAANG (Facebook, Apple, Amazon, Netflix and Google) enterprises.
“This is a network and networks grow in an exponential way. This is the fastest network in history to a trillion dollars of value, right on the heels of the FAANGs that took, you know, 15 to 20 years depending on which one you look at.”
Yusko’s price forecast is based on the hypothesis that Bitcoin (BTC) will compete gold in terms of “monetary value” – a theory drawn from the global gold standard which calls for correlation between the fiat currency of a country and gold stock it has. He pointed out: “If gold’s monetary value is $4 trillion, then digital gold should move up to that total.”
With Bitcoin trading at about $59,000 and commanding a market cap of about $1.10 trillion, Yusko’s forecast calls for a minimum price of $235,000 in the short-term.
The investment manager had forecast that Bitcoin will turn out to be the base layer covenant for the Internet of value, likening Bitcoin to Transmission Control Protocol/Internet Protocol, (TCP/IP), the standard covenant paving way for computers to link and distribute data across the internet.
When queried about rest of the covenants or cryptos such as Ethereum, Litecoin and Dogecoin, which have recorded their all-time peaks in the last few days, he stated that there is enough space for more. Yusko, who is not a proponent of Doge, said:
“There are thousands of coins and DOGE is in that category that really are useless, they’re just utility tokens that have no underlying value or use case and they’ll eventually disappear.”
While writing this article, Bitcoin (BTC) was trading at $58,002, up 0.8% in the last 24 hours. Ethereum (ETH) was trading at $4,123, up 4.6% in the same period. On the contrary, DOGE (DOGE) has lost 6.5% to trade at $0.5308, following a negative opinion from CEO of Tesla Motors, Elon Musk, while speaking on the Saturday Night Live show.
