CEO and CIO at Morgan Creek Capital Management, Mark Yusko, has restated his perceived reasons Bitcoin is better than gold, claiming that the digital currency will reach $100,000 in 2021 and $500,000 in the next 10 years.
The hedge-fund manager has been bullish on cryptocurrency at large, and Bitcoin especially. He highlighted that BTC is a better store of value, has a better network and has the potential to reduce income inequality.
Yusko restated the fundamental growth metrics of Bitcoin in a conversation with Business Insider, claiming that over the next 10 years, the digital currency will be around $500,000 considering the factors pushing investors to explore the space more. He said Bitcoin will soon overpower the gold’s market capitalization.
The CEO of the investment management firm said although Bitcoin is still in its infancy, the rate of growth is high.
“The key to bitcoin is the network…It grows in proportion to the inverse of the sum of the squares of the number of participants,” he said quoting Metcalfe’s Law.
He averred that Bitcoin network is becoming more invaluable as adoption increases.
According to Yusko, the increasing number of wallets with Bitcoin continue to increase every year, and also is the number and size of blocks.
“All of the fundamentals of the value of the network are rising…And so you’re getting this parabolic growth curve.”
He said the elites and governments want to have all the wealth and so, manufactured inflation. Today, that is the reason there’s the greatest wealth inequality in the history of mankind. However, Yusko said Bitcoin solves the problem.
Concluding, Yusko reiterated that Bitcoin will reach $100,000 between now and 2021, and it is possible that Bitcoin touches $250,000 by 2025 and around 2030, the digital currency could touch $400,000 or $500,000 bitcoin.
“Between now and 2021, we’re likely to see $100,000 bitcoin…By 2025, we’re likely to see $250,000 bitcoin, and then sometime out 2030 we could see $400,000 or $500,000 bitcoin as it reaches gold equivalence.”