According to American investor and hedge fund manager Mark Yusko, the price of Bitcoin (BTC), the largest cryptocurrency, could potentially surge to $150,000 this year.
At press time, the flagship cryptocurrency is changing hands slightly above the $70,000 level.
During a recent interview with CNBC, the hedge fund manager touted the cryptocurrency as a superior form of gold while explaining his bullish case.
Yusko is convinced that the price of the cryptocurrency could end up surging much higher than $150,000. In fact, he has predicted that the flagship coin could surge to as high as $700,000 by the end of the next decade.
The investor's bull case for Bitcoin appears to be largely based on the upcoming halving event, which is expected to occur next month.
Despite the fact that the bellwether coin has already seen a massive rally following the approval of several spot exchange-traded funds earlier this year, Yusko believes that a bigger rally is going to happen after the halving event.
He has pointed to the fact that the price of Bitcoin tends to peak months after the event based on historical data, which means that some fireworks are to be expected by the end of 2024.
Yusko has been a longtime Bitcoin bull. For instance, he predicted that the price of the largest cryptocurrency could hit a whopping $400,000 all the way back in 2019.
In 2021, he said that the Bitcoin price hitting $250,000 would be the monetary value of "gold equivalence."
Earlier this March, the largest cryptocurrency surpassed silver by market cap after its valuation hit $1.4 trillion. However, it still has a long way to go until it manages to catch up with the yellow metal.
The cryptocurrency is also yet to surpass major companies of the likes of Alphabet and Apple by market cap.
Gamza Khanzadaev
Yuri Molchan
