Hedge Fund Manager Mark Yusko: Bitcoin Prices Could Hit $500,000 in Next Six years
Bitcoin has as many supporters as detractors. One such enthusiast is Mark W. Yusko, a hedge fund manager and CEO of Morgan Creek Capital Management.
Yusko first shared his wild bullish predictions in April and now he is still holding firm to them as he tweets that he is sticking by his year-end price target of $25,000.
My view from April is unchanged. The #NetworkEffect of #Bitcoin is powerful and all that matters today is securing ownership of the Network, the daily price is just noise… #BuyAndHODL 🚀 https://t.co/FvnIi4jrX1
— Mark W. Yusko (@MarkYusko) July 26, 2018
Yusko originally made this prediction in April, adding that he expects bitcoin to march to $75,000 by 2020, $200,000 by 2022, and ultimately eclipse $500,000 by the end of 2024.
Commenting on bitcoin’s recent price movements, Yusko said that daily fluctuations are “just noise” because “all that matters is securing ownership of the [Bitcoin] Network.”
“If you look at [Bitcoin price] history, you know there’s been five parabolic moves or crashes, and we’ll have a 6th, 7th, and 8th, and 9th, and it is just the way it works. So I don’t think you need a big event, and you’ve seen it in the past couple of weeks, right?
As soon as the price starts to run. Those people that have been waiting on the sidelines to make sure that the bear market is over are ready to jump in, and then once it actually starts moving, then it starts moving fast and that’s when you get those parabolic moves.
With regard to the $500,000 price target, Yusko explained that he arrived at this figure by trying to estimate the network value and that he calculated this by taking the “hash power of the network, and the number of participants and the amount of money that comes into the network.”
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