According to Mark Yusko, CEO and founder of Morgan Creek Capital Management, bitcoin (BTC) is set to rise to $ 250,000 in the next five years. Yusko reports this in an interview with CNBC on May 9.
Bitcoin is much more than just a digital store of value, something that many investors underestimate and overlook, says the CEO. Yusko compares the growth of Bitcoin to the FAANG stocks. These are the shares of the five largest American technology companies: Facebook, Amazon, Apple, Netflix and Google.
It’s about network acceptance and increasing use. This [Bitcoin] is a network and networks are growing exponentially. This is the fastest a network in history has risen to a trillion dollars in value, right on the heels of the FAANGS who, you know, took 15 to 20 years to complete.
Yusko bases his $ 250,000 price prediction on the gold standard. If the monetary value of gold is around $ 4 trillion, then digital gold should be able to match that, Yusko says. Bitcoin’s market cap is currently at $ 1.1 trillion.
So if you took bitcoin’s market cap to $ 4 trillion, that would be a multiplication of about 3.6. If you multiply the current price of bitcoin by 3.6, you will get roughly $ 210,000. According to Yusko, bitcoin is the gold standard in crypto. He sees Bitcoin as the basis and crypto as Ethereum (ETH) the tools that further elaborate on it. He is less enthusiastic about Dogecoin (DOGE):
So yes, there is room for some protocols to survive, but there are thousands of coins and Doge is in that category that are really useless. They are just utility tokens that have no underlying value or use case and they will eventually disappear.