Hedge fund manager Mark Yusko is optimistic about the future of bitcoin, predicting that the cryptocurrency will more than double in value this year to reach $150,000. He advises investors to allocate at least 1% to 3% of their portfolios to bitcoin, as he believes it is a better form of gold and has the potential to increase tenfold over the next decade. Yusko sees bitcoin exchange-traded funds and the upcoming halving event as major bullish drivers for the cryptocurrency, leading to significant price increases.
As of Thursday, bitcoin has seen a 159% increase in value over the past year, with prices hovering around $70,700. Yusko believes that the law of large numbers will come into play, allowing bitcoin to experience exponential growth in the coming years. He expects the supply shock resulting from the upcoming halving event, scheduled for late April, to trigger another round of significant tailwinds for bitcoin. This, coupled with the launch of bitcoin exchange-traded funds earlier this year, is expected to drive prices higher.
Yusko’s firm also has exposure to Coinbase, a popular crypto online trading platform. He believes that Coinbase has the potential for significant growth in the future and sees big things on the horizon for the company. Shares of Coinbase have increased by almost 321% over the past 12 months, reflecting the growing popularity and interest in cryptocurrencies. Yusko’s firm owns not only bitcoin and ethereum but also gold, Coinbase, and Nvidia, showcasing his confidence in the potential of these assets to generate positive returns.
Overall, Yusko’s bullish outlook on bitcoin is based on his belief in its potential as a superior store of value compared to traditional assets like gold. He sees bitcoin as the dominant cryptocurrency with strong growth prospects in the years to come. With the upcoming halving event and the launch of bitcoin exchange-traded funds, Yusko expects bitcoin to experience significant price increases. His firm’s investments in cryptocurrencies, gold, and technology companies like Nvidia reflect his confidence in the long-term potential of these assets to deliver returns for investors.
