During a recent interview on the Wolf of All Streets podcast, Mark Yusko, the Founder, CEO & CIO of Morgan Creek Capital, a crypto hedge fund, shared his optimistic view on Bitcoin (BTCUSDT). Yusko, who also serves as the Managing Partner of Morgan Creek Digital, firmly believes that Bitcoin has the potential to achieve a market cap similar to that of gold, resulting in a price of $300,000 per Bitcoin. This projection represents an astounding 887% increase from its current value.
As reported by The Daily Hodl, Yusko argues that considering Bitcoin as the digital counterpart of gold is not unreasonable, given its superior qualities as a store of value. He highlights the ease of transferring Bitcoin, in contrast to the difficulties in dividing and transporting physical gold. According to Yusko, this makes the equivalence between Bitcoin and gold a clear choice.
To support his stance, Yusko explains that the total market cap of gold is around $12 trillion, but only half of that is utilized as a monetary base. The rest is used for jewelry and other non-monetary purposes, leaving a true monetary base of approximately $6 trillion. If Bitcoin were to reach this level of market capitalization, its price would increase tenfold, reaching $300,000.
The CEO of Morgan Creek Capital emphasizes that the exact timing of Bitcoin reaching this price is not of great concern to him. He confidently states that it will happen sometime in the future, making the achievement of the $300,000 target appear straightforward.
As of the time of writing, Bitcoin is currently trading at around $29,780, experiencing a minor 0.28% decline in the past 24-hour period. However, it has surged nearly 80% in the year-to-date period.