- Bitcoin, Ethereum and other major cryptocurrencies have been experiencing dramatic fluctuations in the last month, largely influenced by a surprise warning disclosed by Coinbase’s CEO.
- Mark Yusko, CEO of Morgan Creek Capital Management, anticipates Bitcoin’s price to skyrocket to $300,000 by 2028, surpassing gold’s $6 trillion market cap due to an upcoming supply cut.
The cryptocurrency market has been witnessing a rollercoaster ride, with Bitcoin, Ethereum, and other key players experiencing dramatic swings over the past month. This volatility was amplified by a surprise announcement from Coinbase’s CEO that took the industry by storm.
Bitcoin’s price has nearly doubled from its recent lows late last year, largely driven by a surprising shift in BlackRock’s crypto stance and XRP developer Ripple’s unexpected win against the U.S. Securities and Exchange Commission (SEC).
The Golden Disruption: Bitcoin’s Predicted Price Boom
Mark Yusko, the chief executive of Morgan Creek Capital Management, has projected a considerable surge in Bitcoin’s price. Yusko forecasts that by 2028, Bitcoin could reach a staggering $300,000, triggered by next year’s supply cut that would initiate a rally pushing its market capitalization beyond that of gold at $6 trillion.
He explained this projection using Bitcoin’s past supply cuts, known as halvings, which have historically served as catalysts for significant price increases. “Every [Bitcoin] halving, we’ve added a zero, and by next April I think we could go to $100,000,” Yusko said, while asserting that Bitcoin resolves gold’s issues of portability and divisibility and matches it in terms of scarcity.
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In the forthcoming year, Bitcoin is expected to undergo its fourth halving, which would reduce the supply of new Bitcoin rewarded to miners, those who maintain the network, to just over three from the current six.
Bitcoin’s correlation with gold as a potential safe-haven asset is under scrutiny by market observers, especially during times of heightened risk. This scrutiny is even more pertinent given the recent downgrade of the U.S. government’s credit rating by Fitch due to concerns regarding the country’s financial state and its debt burden. This unexpected news sparked a sudden pull into Bitcoin and gold.
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