Mark Yusko, the founder of Morgan Creek Capital, stated that the value of Bitcoin could rise to an all-time high, which has two main catalysts. According to Yusko, an increase of 410 percent is expected in Bitcoin. Yusko stated that the value of Bitcoin will increase after the approval of a spot-based Bitcoin exchange-traded fund (ETF) and the expected block reward halving in 2024.
I think $100,000 would be a fair value after this block reward halving. Let’s say we passed 100 thousand dollars and reached 150 thousand dollars. It seems perfectly reasonable to me that such a thing should happen. So the target level is somewhere between $100,000 and $150,000.
Bitcoin is currently trading at $29,373, and according to Yusko’s prediction, a move towards the upper range target would mean a 410 percent increase in Bitcoin’s current prices. According to the claim of Morgan Creek Capital, it is stated that US financial advisors using ETFs control $30 trillion and that they allocate a 1% portfolio to Bitcoin can have a huge impact on the largest cryptocurrency.
Let’s say they make a portfolio allocation of 1 percent. That’s 30 billion dollars. That’s not that much, and it wouldn’t move the price of a $500 billion asset. Now we’re talking about $300 billion in free circulation of $100 billion. This will result in a big move.