The price of Bitcoin has reached as high as $66K at press time. At the current stage, the Bitcoin maximalists rejoice and celebrate. However, some investors are unable to ignore the higher risks that come with this increased price tag. Mark Yusko is among the investors who are visible Bitcoin advocates but at the same time sense the impending danger.
The popular hedge fund manager from Morgan Creek was speaking on the matter of what the future holds for the flagship crypto with CNBC. He told journalists that it is a real possibility that Bitcoin can climb as far as $100,000 before the end of 2021. He further added that witnessing the price histogram, it is visible that BTC went up by 40% in October alone.
Bitcoin ETF Approval To Pump BTC Value
In the current month, the highly anticipated wait for digital investors is finally coming to an end. The SEC under the guidance of new chief Gary Gensler, has signaled the approval for two Bitcoin ETF applications. This news has spread like wildfire in the cryptocurrency world. The direct impact of the BTC ETF is reflected in the price movement of the flagship cryptocurrency as well.
Other than the shopping spree of whale investors, many technical analysts claim that ETF approval is the biggest reason for bullish tangent for Bitcoin. Yusko, who serves as CIO, CEO, and Managing Partners for Morgan Creek, told the media that further consolidation of Bitcoin prices is not going to be a huge surprise for seasoned investors and financial experts.
Mark Yusko hailing from Capital management giant Morgan Creek was invited on the CNBC talk show Trading Nation. Speaking on the matter of Bitcoin, he claimed there is concern that Bitcoin investors might opt to sell out to take out profits at the current rate. However, he believes that this buying period is going to be temporary.
Yusko compared the firstborn crypto with the gold market. He explained that Bitcoin is just like gold intrinsically, and it has become the new store of value for many traders. He added that in a matter of 5 years, Bitcoin prices could go as high as $250,000 per unit. Yusko believes that Bitcoin is going to leave behind the gold market eventually and acts as its substitute shortly.