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Bitcoin [BTC] could ‘absolutely’ be priced between $300,000 – $400,000, says Morgan Creek CEO

Priya

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Bitcoin [BTC] could 'absolutely' be priced between $300,000 - $400,000, says Morgan Creek CEO
Source: Unsplash

Mark Yusko, the CEO and Co-founder of Morgan Creek, spoke about Bitcoin’s [BTC] future valuation, in an interview with Bitcoin Magazine NL. The co-founder also spoke about one of the most frequently asked questions in the cryptocurrency space: when will institutional money come into the cryptocurrency market.

During the interview, Yusko was asked whether Bitcoin could be $300,000 to $400,000 per unit. To this, he stated that Bitcoin could “absolutely” be valued at that range, adding that it could be a decade or more from now for it to reach that mark. He further stated that the time frame for when it would be so valued was “not really as important” to him. He added that the factor about Bitcoin which did matter to him was “owning a piece of the network”. He said,

“[…] because the way networks work is, they grow in this exponential fashion and once the price starts to rise and people start being drawn into it just because of price movement then it moves to speculation, when it becomes more focused on investment and people are putting capital in because they want to own a piece of the network […]”

This, in turn, could result in ‘sovereign wealth fund’ worth billions of dollars pouring into the market for the network, thereby changing the supply-demand imbalance, he added. The Co-Founder further explained that the term ‘sovereign wealth fund’ referred to funds that were not created with any beneficiary, but from the central government’s money, such as the Norwich pension fund in Norway. He said,

“That’ll change the supply-demand imbalance from people speculating with a hundred or thousand dollars isn’t going to change the long-term value of the network but when big users start to say, ‘hey I want a portion of my fiat exposure to be hedged against a calamity in the financial system’. That’s when Bitcoin, for example, could get very exciting”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry

Biraajmaan Tamuly

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Bitcoin's censorship resistance, freedom makes it a game changer in the economic industry
Source: Pixabay

Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.

In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.

The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.

Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.

The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.

At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.





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