A seasoned hedge fund manager thinks that Bitcoin (BTC) will ultimately replace gold and will reach a price of six figures.
In a recent interview with Stansberry Research, experienced hedge fund manager Mark Yusko of Morgan Creek Digital forecasts that China will be the home of the next global reserve currency, but that Bitcoin (BTC) will quickly replace it.
“The only currency in the world is gold. Everything else is a credit or a currency. The backing of currency by debt.
Bitcoin will triumph in the future because it is an asset that exists without an obligation, which is the definition of money.”
Yusko believes that Bitcoin is poised to replace gold, primarily because of its better divisibility and mobility. On the basis of the monetary worth of gold, he sets a long-term price goal of around $250,000 BTC.
“Therefore, bitcoin is preferable to gold. If I had a gold bar and wanted to divide it into thirds, I couldn’t just knock it on the table and give you each a third because it would be too difficult. I was unable to upload it to my computer and email it to you.
But if I wanted to give you Bitcoin, I could easily split a Bitcoin into thirds and send you each a third by pressing a few buttons. In light of the fact that it is more portable and divisible than gold, I believe it will ultimately replace gold.
Gold’s monetary worth of $5 trillion is nearly equivalent to the price of $250,000 per Bitcoin. Now, it won’t all happen tomorrow, but it will happen over time.”
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