Bitcoin BTC/USD has rallied in 2023, up 66% year-to-date. There could be more upside for the leading cryptocurrency in the coming months, according to a featured speaker at Benzinga’s upcoming Future of Digital Assets 2023 event.
What Happened: Mark Yusko, the founder and CEO of Morgan Creek Capital Management, expects the price of Bitcoin to go higher in the coming months and years.
In a recent interview on CoinDesk TV’s “First Mover,” Yusko compared Bitcoin to gold. The hedge fund manager explained how gold is not portable or divisible — something that Bitcoin is known for.
“Bitcoin fixes both of these issues, and is equally scarce,” Yusko said, predicting that the value of Bitcoin, currently at $539 billion, could catch up to gold.
“The monetary value of gold is about $6 trillion," Yusko added. "I think Bitcoin can replace all of that. The monetary equivalent of $6 trillion is about a 10-times from here, which gives us a price of about $300,000.”
Yusko said the $300,000 price could come to Bitcoin in 2028. This target date would come after two Bitcoin halving events come, which happen roughly every four years and cut the Bitcoin rewards miners receive in half to help control supply.
“Every halving we’ve added a zero, and by next April I think we could go to $100,000.”
Along with the halving events, Yusko also has been sharing other catalysts that could drive the price of Bitcoin higher.
Yusko also spoke with Kitco News about how the increased adoption of Bitcoin by institutional investors and global economic challenges could be catalysts for the cryptocurrency. He likened it to the early days of the internet, which saw initial hesitancy by companies and institutions to invest and get involved before widespread acceptance.
Related Link: How To Buy Bitcoin
Investing $100 Today: Bitcoin hit all-time highs of nearly $69,000 in November 2021. Over the last 52 weeks, Bitcoin has traded between $15,599.05 and $31,814.51.
Based on a price of $27,879.10 at the time of writing, an investor can purchase 0.003587 BTC.
If Yusko’s price target of $300,000 comes true, the $100 investment will be worth $1,076.10 in 2028. This represents a hypothetical return of 976.1% over the next five years.
While the future has yet to be seen and Bitcoin is not guaranteed to go up, many industry experts see the filing of several ETFs and the upcoming Bitcoin halving, expected to happen in 2024, as positives.
Read Next: Bitcoin Vs. Gold
Want to hear more from Mark Yusko and his takes on Bitcoin and where it’s headed in 2024 and beyond? Join Benzinga’s 2023 Future of Digital Assets where he will be speaking.
Photo: Mohamed Hassan from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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