Mark Yusko, the CEO of the crypto investment firm Morgan Creek Digital, is bullish about the future of virtual currencies. He believes that Bitcoin’s price could increase up to 20 times in the next 10 years. He gave these comments during a conversation on CNBC’s Fast Money a few days ago.
Mark Yusko Bullish About Bitcoin’s Next Ten Years
During 2018, virtual currencies did not have a good year. Most of the cryptocurrencies lost part of their value and Bitcoin (BTC) lost around 80% of its price since its all-time high in December 2017. At that time, Bitcoin reached $20,000 and went down to $3,500 a few weeks ago in some exchanges.
During a conversation with CNBC’s Fast Money he mentioned that he was wrong on the impact of futures on Bitcoin price. He believed that because they were cash settled, they were not able to push pressure on Bitcoin. However, he retracted and said that he was wrong about it.
He went on saying that as there are more people buying the idea that Bitcoin is a store of value the long-term looks very positive. He said that over a decade it is possible for Bitcoin to grow as much as 20 times. He explained that there are no other asset classes with the same possibilities as Bitcoin right now.
Yusko has also mentioned that as Bitcoin is a network it is not possible to determine which will be the growth for the coming year. As Bitcoin does not work as a company it does not follow interest rates, economic growth and other factors that affect traditional companies in the market. He explained that it Bitcoin depends on regulatory issues and technology changes, for example.
There are several investors that have provided different Bitcoin price predictions for the coming years. As we wrote at UseTheBitcoin in the past, John McAfee believes that Bitcoin will be traded between $1,900,000 and $2,600,000 for the next 2 to 5 years. Tim Draper, instead, believes that Bitcoin will reach $250,000 in around four years time.
At the time of writing this article, Bitcoin is being traded under $3,900 and it has a market capitalization of $67.69 billion.