Mark Yusko, the prominent founder and CEO of Morgan Creek Digital, has solidified his position as an influential figure within the cryptocurrency space. In a recent appearance on the “Wolf of All Streets” podcast, Yusko shared his unwavering optimism about Bitcoin’s potential to surge to new heights, potentially reaching a staggering value of $300,000.
Ambitious or realistic? Let’s explore.
Will BTC touch $300K?
At first glance, the notion of Bitcoin soaring to $300,000 may appear far-fetched, as it would require a remarkable 887% surge from its current price. However, Yusko firmly believes that this dramatic increase is not only plausible but might happen soon.
Bitcoin vs. Gold
During the interview, Yusko compared Bitcoin and gold, highlighting the traditional perception of gold as a safe-haven asset used by investors to safeguard their wealth in times of economic uncertainty. However, he posited that in the digital age, Bitcoin could serve a similar purpose. If Bitcoin were to gain the same level of trust and adoption as gold, its market capitalization could conceivably reach a level akin to gold’s current market cap.
To support his argument, Yusko examined the market cap of gold, representing the total value of all gold in existence. He estimated the current value of gold to be around $12 trillion. Interestingly, he pointed out that only approximately half of this value is used for monetary purposes, while the rest is allocated to jewelry and other non-monetary applications.
Related: Robert Kiyosaki Issues Warning: “US Shall Go Bankrupt, Invest In Gold, Silver & Bitcoin”
A Treacherous Path
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 rationale for this ambitious prediction lies in the comparison between Bitcoin and gold. If Bitcoin’s market cap were to ascend to around $6 trillion, a substantial price appreciation, approximately 10 times its current value, would lead to the coveted $300,000 price target. Yusko remains steadfast in his belief that this target is indeed achievable.
“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.”
Bitcoin is the “Digital Gold”
Yusko further highlights Bitcoin’s superiority over gold, particularly in terms of ease of transfer and portability. While gold is physically cumbersome and challenging to transport over long distances, Bitcoin’s digital nature allows for nearly instantaneous global transactions with just a few clicks. This characteristic makes it a highly attractive option for cross-border transactions and remittances.