Bitcoin, the top cryptocurrency by market cap has once again surged to the $12,000 level and expectations are high that a new all-time high may be hit in the current market cycle. Mark Yusko, Morgan Creek Capital Management CEO is a firm believer after stating that we are in the next parabolic move which will possibly spike Bitcoin to the $30,000 level.
Bitcoin Has Been the Best Performing Asset Since October 2018
Per the report, Mark Yusko while in an interview on CNBC’s Fast Money remarked that Bitcoin is the best performing asset and it has been so since October 2018. According to the CEO, we are in the next parabolic move which will probably spike Bitcoin into the $30,000 level before there is a little correction in the market.
Yusko further opined that Bitcoin has gained in value by over 70 percent since October 2018. On the contrary, the stock market has remained flat within the same time frame. The CEO also believes its doom-and-gloom for the stock market, stocks are overvalued, and an upcoming reduction in interest rate will signify a weak economy.
Bitcoin Will Possibly Hit $100,000 by 2021
In the same vein, Yusko believes Bitcoin will hit $100,000 by 2021 which would mean extreme percentage gains just to meet that price target. That may be the least to worry about since the same opinion and even greater expectations are held by other members of the crypto space.
For instance, Bitcoin proponent John McAfee has time and again stated that Bitcoin will easily hit $1 million by 2020’s end. In April 2019 when he had restated the same thing, Bitcoin was only trading around $5,200.
Similarly, Tim Draper, a billionaire venture capitalist has predicted that Bitcoin will spike to $250,000 within a few years. The billionaire expects that this price level will be triggered by engineer’s pace while working on Bitcoin’s scalability issues which have been hammered on time and again. With these issues resolved, it could make Bitcoin instead of the dollar more attractive to be used in people’s everyday’s lives for purchases.
Surge Triggered by Adoption and Uncertainties in Economies
On the other hand, a lot of factors have contributed to the recent surge in Bitcoin’s price given that it was trading around $3,000 at the start of the year. Some of these factors include institutional adoption of the virtual asset and the uncertainty in certain economies which was driving people to Bitcoin.
An instance is the case of the U.S. and China trade war where there is no guarantee whether they will both come to an agreement. There’s also the belief that the EU is in a mild recession and the same could soon be the case with the U.K.