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The Morgan Creek chief executive officer believes that Bitcoin hitting $250k is a possibility in a few years. He, however, believes that DOGE will fall off.
Morgan Creek Capital Management CEO Mark Yusko is very bullish on Bitcoin, joining many optimistic members of the Bitcoin community. According to the fund management exec, Bitcoin could hit $250k in five years.
Currently trading over $58,000 according to CoinMarketCap data, Bitcoin is experiencing noteworthy difficulty with breaking through the $60,000 mark. Regardless of the struggle, Yusko believes that there’s a lot more space for improvement.
Morgan Creek Capital CEO on Bitcoin
Speaking in a recent conversation with CNBC’s Trading Nation, Yusko based his prediction on Bitcoin’s general value and growth over time. The CEO suggests that Bitcoin’s trajectory, especially when compared with other networks, like FAANG, is all anyone needs to be bullish on the king coin.
“It’s just about network adoption and increased usage. This is a network and networks grow in an exponential way. This is the fastest network in history to a trillion dollars of value, right on the heels of the FAANG that took, you know, 15 to 20 years depending on which one you look at,” said he.
Yusko explained that the Bitcoin network is the world’s fastest-growing network. Bitcoin has hit a market capitalization of $1 trillion, a feat that took much longer for other assets and networks.
Furthermore, Yusko uses gold to explain his Bitcoin bullishness. According to him, Bitcoin’s use could rival gold’s use enough to surpass it. The “gold standard” is a concept based on the metal’s link to a country’s currency. Putting gold’s monetary value at $4 trillion, Yusko expects that Bitcoin to that and probably climb higher.
Yusko also spoke about technology and computing power. The CEO says that there is ongoing “technological evolution of computing power that isn’t going away”. He then reiterated his belief in Bitcoin, predicting that Bitcoin will serve as the “base layer protocol for the Internet of Value.”
Proposed by Ripple, the Internet of Value (IoV) is a concept based on the possibility that everyone can transfer value as easily, dependably, and affordably as persons can currently transfer data.
Bitcoin over Doge
Yusko also spoke about Dogecoin, an asset that’s all the rave with its exponential spikes. So far, DOGE has jumped by over 13,000% this year and still continues to rise. However, like many other people in the crypto community, Yusko believes that DOGE will not last. When asked about altcoins, including Ethereum and DOGE, the CEO likened crypto to internet protocols.
According to him, Bitcoin is the base-layer protocol like the Transmission Control Protocol/Internet Protocol (TCP/IP), which powers internet data sharing. Adding that Ethereum is a toolkit for building applications for the base-layer protocol, like the “www.”, he left no space on the hierarchy for DOGE.
“There’s room for a couple of protocols to survive, but there are thousands of coins – and DOGE is in the category – that really are useless. They’re just utility tokens that have no underlying value or use case and they’ll eventually disappear,” explained he.
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