Mark Yusko, the founder, and CEO of Morgan Creek Digital, is known for being an influential figure in the cryptocurrency space. In his recent interview on the Wolf of All Streets podcast, he expressed strong optimism about the future of Bitcoin and its potential to reach a much higher value.
Will BTC touch $300K? The figures look hypothetical right now because BTC to reach the target has to grow exponentially to 887% from its current price. Let’s find out why Yusko believes it will happen soon.
The analyst in his interview said while comparing both Bitcoin and Gold said, that gold is often considered a safe-haven asset, used by investors to protect their wealth during times of economic uncertainty.
Yusko’s analysis suggests that Bitcoin could serve a similar purpose in the digital age. He argues that if Bitcoin achieves the same level of trust and adoption as gold, its market capitalization (total value) could reach a similar level to gold’s current market cap.
To back his argument, Yusko looks at the market cap of gold, which refers to the total value of all the gold in existence. He estimates that the total value of gold is around $12 trillion. However, he points out that only about half of this value is used for monetary purposes, while the rest is used in jewelry and other non-monetary applications.
But when we can see $300K,
Even though the analyst is confident that BTC will touch the figure he is not sure when it will come; “Now when? Tomorrow? Next day? I don’t care. Sometime in the future.”
His prediction of Bitcoin potentially reaching $300,000 is based on this comparison. If Bitcoin’s market cap were to increase to around $6 trillion, it would result in a significant price appreciation, approximately 10X its current value, which corresponds to the mentioned $300,000 price target. For him it’s easy and there is no doubt it cannot reach the target.
“I couldn’t stuff a gold bar into the computer to send it to you. If I want to send you some Bitcoin, it’s just a couple of buttons and we’re done.”
The Answer is Bitcoin as the “Digital Gold”
Having said that, Yusko further emphasizes the superiority of Bitcoin over gold in terms of ease of transfer and portability. While gold is physically heavy and challenging to move over long distances, Bitcoin can be sent across the globe almost instantly with a few clicks. This characteristic, combined with its digital nature, makes it an attractive option for cross-border transactions and remittances.
