A popular Bitcoin bull Mark Yusko sees the $60,000 mark as trouble for the cryptocurrency

A popular Bitcoin bull Mark Yusko sees the $60,000 mark as trouble for the cryptocurrency

The Chief Investment Officer of Morgan Creek Capital Management, Mark Yusko, said that there are a lot of investors who believe they could hit $100,000 by the end of 2021. The Bitcoin bull is expecting a little consolidation as Morgan Creek is already up 40% this month. 

On Friday, Bitcoin crossed a whopping figure of $60,000 for the first time since April. The hedge fund manager said the investors would take profit due to high volatility in the crypto market in recent times. However, the stock-to-flow model also suggests that the $100,000 mark is possible for most investors. 

As Bitcoin ETFs are growing at a fast pace in recent times, a bullish move is expected in most of the crypto market. But the sustainability of Bitcoin’s latest performance is questionable. Mark said, Morgan creek has overbought the bitcoin in the last few weeks. 

The managing partner of Morgan Creek said he is expecting Bitcoin may hit $250,000 in five years. Bitcoin has a finite supply which makes it a classic asset for supply and demand, he said. The company estimated that Bitcoin’s value by market cap would be equal to gold in five years. Now Bitcoin is becoming a digital gold as it has a high store value. 

He is estimating this value with the long-term deflation prediction. Currently, the world is coping with inflation and supply chain crises, so people generally deflect from this scenario. However, Yusko said the aging population has too much debt, leading to long-term deflation due to bad demographics as these people are heading to their retirement age.   

Analysts said investors should rely on the long-term returns without being affected by the current volatility in the crypto market. It is estimated that $60,000 can prove to be a good sign also for the recovery of the loss due to the previous fall in Bitcoin.  

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