Two Catalysts Will Catapult Bitcoin by Up to 410%, Predicts Hedge Fund Veteran Mark Yusko – Here’s His Outlook
Morgan Creek Capital founder Mark Yusko is naming two catalysts that could send the price of Bitcoin (BTC) flying to fresh all-time highs.
In a new Kitco News interview, Yusko says that Bitcoin will likely surge on the back of its upcoming halving event the possible approval of a spot-based Bitcoin exchange-traded fund (ETF).
“I think this halving, a $100,000 will be the fair value. So fair value will Crete from $55,000 today to by the halving next April, May, call it June… let’s call it the middle of summer next year, a $100,000 will be fair value.
But we won’t go to $100,000. We will get to a $100,000, and then we’ll have speculation. Now, how much speculation?
Depends on the approval and the timing of the approval [of a spot Bitcoin ETF] and where we are in the adoption cycle and how much of that $300 billion is coming in.
It depends on the amount of leverage that allows people to increase their buying power. And I think the leverage will be lower this time. And so let’s say we blow through that $100,000 and we’re at $150,000. That seems reasonable to me. So somewhere between $100,000 and $150,000.”
Bitcoin is trading at 29,373 at time of writing. A move to Yusko’s upper range target suggests a 410% rise for Bitcoin from its current price.
Yusko also says that US financial advisors using ETFs control $30 trillion and an allocation of 1% to Bitcoin would have a “huge” impact on BTC.
“It’s a $30 trillion market that is advisors that use ETFs. Let’s say they do one-tenth of 1%: $30 billion. That’s not that much, that’s not going to move the price of a $500 billion asset. It’s not a $500 billion asset of free float. Free float is maybe a $100 billion, maybe. So $30 billion on $100 billion, price is going to go up.
It might not be one-tenth of 1%. What if everybody did 1%, which isn’t even outlandish given it’s the best-performing asset last three years, last five years, last 10 years, since inception 14 years ago?
So if I’m an investor or I’m a fiduciary of investors as an IRA (Individual Retirement Account), I might have to put some percentage in Bitcoin if everyone else is doing it. So at that point what if it’s 1%? Now we’re talking $300 billion on $100 billion of free float. That’s a big move, big, like huge.”
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Author: Daily Hodl Staff
