Supply and Demand Shocks Could Drive Bitcoin To Take Out All-Time Highs in Days, Says Morgan Creek’s Mark Yusko
The founder and CEO of Morgan Creek Capital Mark Yusko believes that Bitcoin (BTC) will have an explosive rally this year.
In an interview on the Thinking Crypto channel, Yusko says that BTC could appreciate to a price of at least $100,000 by the end of 2024.
“I think we hit six figures. I do these 10 surprises every year and one of mine was that we hit six figures. We definitely take out the all-time high. That could happen in days.”
On what will drive the price of Bitcoin higher, the hedge fund veteran says,
“Once people realize that these exchange-traded funds (ETFs) are taking out more Bitcoin out of the market than is mined every day… and after the halving, it’s going to be two or three times that. So it’s just a supply-demand problem. So we have the demand shock and, you know, basic supply and demand, right?
…So we’re having a demand shock right now. And we’re going to have a supply shock in April where we go from 900 Bitcoin [mined] a day to 450. You put those two things together, numbers go up.”
According to the Morgan Creek Capital CEO, some central banks will eventually include Bitcoin in their reserve holdings.
“Yes, we will see central banks adopt Bitcoin the same way that central banks eventually adopted the [Chinese] Renminbi [currency]. So at first, you know, all central banks own gold. Gold is the base layer of money, and then they hold other currencies of each other as a store of value.
And then they issue currency on top of that. So gold is the base layer. Bitcoin is digital gold. So at some point the smart ones are going to say, ‘you know what, I’m going to put some in there.’”
Bitcoin is trading at $43,452 at time of writing.
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Author: Mark Emem
