Daily Management Review

Hedge Fund Manager Mark Yusko, Believes Bitcoin Might Reach $150,000 In 2024


Hedge Fund Manager Mark Yusko, Believes Bitcoin Might Reach $150,000 In 2024
What's coming up for cryptocurrencies like Bitcoin.
Mark Yusko, a hedge fund manager, believes that the price of bitcoin will more than double to $150,000 this year.
In a TV interview, the CEO and chief investment officer of Morgan Creek Capital Management urged, "Get off zero."
Yusko believes that investors' portfolios ought to include between 1% and 3% of bitcoin. "The king is Bitcoin. It is the most widely used token. It's a superior variety of gold," he declared.
By last week's end of the stock market, bitcoin had increased by almost 159% in the previous year. Although it had crossed above the $73,000 mark earlier in March, it was only trading at about $70,700 on Thursday night.
“The law of large numbers comes in. I think it can go up 10x from here easily over the next decade,” added Yusko.
He cites the January introduction of bitcoin exchange-traded funds as a key factor supporting the cryptocurrency's bull run. Yusko believes that another set of significant tailwinds for the leading cryptocurrency will come from a supply shock caused by the half of bitcoin.
It is anticipated that in late April, the bitcoin mining reward would be halved, limiting its supply.
“The big move happens post-halving,” said Yusko. “It starts to become more … parabolic toward the end of the year. And, historically about nine months after the halving, so sometime toward Thanksgiving, Christmas, we see the peak in price before the next bear market.”
Coinbase, an online cryptocurrency trading platform, is also accessible to Yusko's company. He declared, "We think big things are in line for Coinbase."
Coinbase's stock has increased by about 321% in the last 12 months.