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Bitcoin To $250,000? Here's What Inspires This Analyst's Lofty Price Target

May 9, 2021 10:19 pm
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Bitcoin To $250,000? Here's What Inspires This Analyst's Lofty Price Target

Apex cryptocurrency Bitcoin (BTC) could reach $250,000 within five years, according to analyst Mark Yusko.

What Happened: Yusko, the founder and chief investment officer at Morgan Creek Capital Management, said Friday on CNBC’s Trading Nation that network adoption and increased usage could help Bitcoin reach the lofty $250,000 target.

“This is the fastest network in history to a trillion dollars of value, right on the heels of the FAANGs that took, you know, 15 to 20 years depending on which one you look at,” the analyst said.

Yusko’s target of Bitcoin reaching $250k is based on a gold equivalence. If gold’s value is $4 trillion, digital gold should also reach that value, he argued.

He added that Bitcoin is the gold standard in the crypto world and is the base layer protocol like the TCP/IP Internet protocol suite that enables computers to connect and communicate. Ethereum (ETH), the world’s second-largest cryptocurrency in terms of market capitalization, is like the toolkit to build upon that foundation.

According to Yusko, meme cryptocurrency Dogecoin (DOGE) is among the thousands of coins that are just utility tokens with no underlying value and will “eventually disappear.”

See Also: Bitcoin vs Ethereum

Why It Matters:  Bitcoin reached an all-time high of $64,863.10 on April 14 this year and has year-to-date gains of 100%, but is struggling to regain the $60,000 level over the past month. The cryptocurrency has risen 0.26% in the past 24 hours and is trading at $58,721.49 at press time.

Ethereum, which hit an all-time high of $3,981.26 earlier on Sunday, has risen 0.9% in the past 24 hours and is trading at $3,902.43 at press time.

Dogecoin has impressive year-to-date gains of 11,721.17%, but has fallen 13.9% during the past 24 hours and is currently trading at $0.5608. The price of the Shiba Inu-themed cryptocurrency collapsed despite the appearance of Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk, a Dogecoin supporter, on "Saturday Night Live" yesterday.

Read Next: Why Is Shiba Inu Suddenly Skyrocketing?

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