Morgan Creek Capital Management has been buying Bitcoin BTC/USD, the leading cryptocurrency by market capitalization, since 2018.
Morgan Creek CEO and founder Mark Yusko believes Bitcoin could be 10x higher from current levels as it replaces gold, which is currently valued at over $5 trillion, as the currency standard.
What Happened: Over the years, Yusko has become well-known for his bullish take on the future of Bitcoin and future price targets.
With a price target of $100,000 by mid-2024 and $300,000 by the year 2028, Yusko is among those who see a strong return for the leading cryptocurrency for investors who take a position or add to their stakes today.
“We never sold any of it, we won’t sell any of it for a long time,” Yusko said of Bitcoin on an episode of The Raz Report.
Hear more from Yusko at Benzinga's Future of Digital Assets on Nov. 14 where he will share details on his price target and why he believes Bitcoin replaces gold. Get tickets today.
With more than $100 trillion dollars of money around the world from all currencies sitting on top of $5 trillion in gold, Yusko sees the valuation of Bitcoin increasing.
Yusko’s price targets have mostly stayed in the six-figure range. He called a $1 million price target that is often used by Cathie Wood and some others as “feasible,” but doesn’t see it happening in the next two to five years.
Related Link: 30 People To Watch In Web3: Mark Yusko — Helping Traditional Investors Ride Wave Of Alternative Investments
Other Topics: During the appearance on The Raz Report, Yusko also calls out critics who don’t understand the technology or future use cases for Bitcoin.
“So what do they do? They piss on it,” Yusko said.
Yusko calls out Warren Buffett and Larry Fink as past Bitcoin skeptics.
The Morgan Creek Capital founder also discussed the changing world of technology that happens every 14 years, a trend led by the younger people of each generation.
“There’s not a technology that reached critical mass that then got put back in the bottle.”
Yusko said mainframes, microchips, minicomputers, personal computers and the internet are examples of technology advancements.
Hear more from Yusko on currency devaluation, Warren Buffett, Bitcoin and more during his appearance on The Raz Report, which airs Friday, Sept. 29 at 11 a.m. ET.
Mark Yusko is a featured speaker at Benzinga’s Future of Digital Assets event on Nov. 14, 2023, in New York City. Get your tickets today to hear exclusively from Yusko at the event.
Photo: Morgan Creek Capital Management; Shutterstock
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