- Morgan Creek CEO Mark Yusko predicts a $250,000 price target for Bitcoin in 4 to 5 years.
- Yusko believes Bitcoin is the base layer protocol of the internet of value and will not go away.
- He thinks Dogecoin and many other altcoins are useless and will eventually disappear.
Mark Yusko, founder and CEO of Morgan Creek Capital Management, revealed that he sees Bitcoin trading at $250,000 in 4 to 5 years. He believes Bitcoin is much more than just a store of value – it’s a “technological evolution of computing power” that will not go away anytime soon.
The hedge fund manager compared the expeditious adoption of bitcoin to the success of FAANG companies (Facebook, Apple, Amazon, Netflix, and Google) that turned into multi-billion dollar businesses pretty quickly.
Yusko, who appeared on CNBC’s “Trading Nation” on Friday, said while speaking about bitcoin:
This is a network and networks grow in an exponential way. This is the fastest network in history to a trillion dollars of value, right on the heels of the FAANGs that took, you know, 15 to 20 years depending on which one you look at.
Rivaling Gold Step for Step
According to Yusko, Bitcoin is not a trading sardine, it is a powerful computing network that will become the base layer protocol for the internet of value. He illustrates bitcoin as TCP/IP, which is the base layer of the internet, and pictures other altcoins like Ethereum as protocols that will eventually have to run on the base layer.
Yusko inspires his $250,000 Bitcoin price target from real gold’s monetary value. He believes that if gold’s value is $4 trillion, Bitcoin which is the digital gold will reach the same total, achieving a price tag of $250,000 per coin.
Bitcoin to be the Last Crypto Standing?
Alongside bitcoin, many other altcoins including Ethereum and Dogecoin rallied this year. In 2021 alone, Ethereum has gained more than 300%, while the meme coin is up by more than 13,000%.
However, Yusko believes that a limited number of these coins will survive, and many including the meme coin will disappear. “So, yes, there’s room for a couple of protocols to survive, but there are 1000s of coins and Doge is in that category that really are useless, they’re just utility tokens that have no underlying value or use case and they’ll eventually disappear,” said Yusko.
At the time of writing, Bitcoin was trading at $58,300, Ethereum was trading at more than $4,100 with a 4% gain over the last 24 hours and Dogecoin was trading at $0.52, down by more than 25% from its all-time high.