Morgan Creek Capital Management CEO and Founder Mark Yusko has made a daring prediction that Bitcoin’s price might reach six digits within a year.
Yusko made the prediction during an interview with Kitco News in which he addressed a variety of topics related to the cryptocurrency industry, such as the regulatory climate and the effects that the introduction of a spot Bitcoin ETF may have on Bitcoin’s price in the near future.
Even though large firms like BlackRock, Fidelity, Wisdom Tree, and VanEck have filed for such ETFs, Yusko noted the rising enthusiasm around the potential of a spot approval. But he insisted that the SEC may push out the deadline even if ARK Invest’s proposal for a spot Bitcoin ETF has to be approved or rejected by August 13th.
Metcalfe’s rule, which states that Bitcoin’s value increases exponentially with the size of the network, formed the basis of the billionaire’s study of Bitcoin’s future price. He claims that $55,000 is Bitcoin’s just worth under the law. He also hypothesised that the network’s value would rise by a factor of 10 for every halving event. Thus, he predicted that the impending halving might propel Bitcoin to even greater heights.
Taking into account the upcoming halving in April and the approval of the spot ETF, he predicted that Bitcoin will reach between $100,000 and $150,000 by mid-2024.
Even though Bitcoin has been in a protracted stabilisation period under downward pressure for the last one and a half months, Yusko’s projections still stand. The cryptocurrency’s volatility has hit a seven-month low, and breaking through the $31,000 barrier region has proven difficult on a technical level.
Nevertheless, the continuing interest in Bitcoin may help push higher prices due to the expectation around a possible Bitcoin ETF approval and the underlying robust network characteristics.
Also Read: Europe’s First Bitcoin Exchange-Traded Fund Is Listed
Wallets