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Bitcoin Price Predicted to Hit $400,000 by Hedge Fund Manager Mark Yusko. Here’s How and When It’s Possible

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Fri, 05/10/2019 - 06:01
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Contents

During a recent interview, Morgan Creek Capital Founder Mark Yusko explained when Bitcoin is going to reach $400,000. In the long-term, this figure doesn’t seem to be too crazy.

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Bitcoin is the new gold

Yusko claims that Bitcoin could become a viable replacement for gold. The top cryptocurrency is often called digital gold since it has a lot of similarities with one of the oldest assets. However, in the digital age, you will hardly see millennials pouring money into bulky gold bars, which explains why the $7.3 trn market cap is up for grabs.

“Bitcoin is much easier to transport. It is much easier to divide. It is tough to break a bar gold into its component pieces. Bitcoin has all these essential qualities that I think are superior to gold,” said Yusko.

Hence, the math behind his prediction is rather simple – you have to divide the total market cap of gold by the circulating supply of Bitcoin in order to get the $400,000 estimation. Notably, the same figure was recently suggested by another crypto analyst.

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$20,000 in two years?   

According to Yusko, it could take Bitcoin a decade or even more in order to reach such a mammoth-size price. Meanwhile, another prominent hedge fund manager Mike Novogratz, who spearheads crypto investment bank Galaxy Digital, recently said that Bitcoin could retest its current ATH of $20,000 as early as in 2021.

Meanwhile, Bitcoin has recently reached the $6,300 level, thus setting new yearly highs almost on a daily basis. The Bitcoin dominance index (BDI) continues to grow as altcoins mostly remain in limbo.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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