Bitcoin is expected to reach $250.000 in the next five months, according to Mark Yusko, founder and CEO of Morgan Creek Capital Management, an investment firm.
He said that despite the bear market that is going through, with its dominance constantly decreasing and with Ethereum already jumping to $4.000, the most popular cryptocurrency will enter a new economic cycle, reaching the $250.000 zone at some point.
According to Mark Yusko, investors are devaluing bitcoin, which is more than just a token. “It is about adopting a network with increased use. This is a network and networks are growing exponentially. “This is the fastest network in history, worth trillions of dollars, right on the path of the FAANGs, which, however, took 15 to 20 years to develop.”
“Bitcoin is digital gold, and as it approaches the value of gold, at $4 trillion, its price will reasonably reach $250.000. If all gold, including jewellery and coins, were valued, the bitcoin market capitalisation could exceed $8 trillion, or $500.000 per currency. Bitcoin’s share of the cryptocurrency market fell sharply last month to about 35% from about 55%, as other cryptocurrencies such as Ethereum and Dogecoin hit new highs.
The focus on environmental standards and regulations has shifted investors’ attention away from Bitcoin’s high-energy blockchain to the Ethereum network.