Morgan Creek Capital CEO Mark Yusko shared his thoughts on the recently approved Bitcoin spot ETFs in the United States and their potential impact on the cryptocurrency market. Mark Yusko acknowledged that the emergence of cryptocurrency exchange-traded funds tied to Bitcoin in the United States is an important step for its widespread adoption. However, average investors, especially those from the baby boomer generation born between 1946 and 1964, may not be tech-savvy enough to understand triple-entry bookkeeping. Yusko noted that the cryptocurrency exchanges Coinbase and Kraken greatly simplify the process of buying Bitcoin for investors. Responding to concerns that a spot Bitcoin ETF could reduce the volatility of the first cryptocurrency, Yusko said that this is a natural process that is associated with the maturation of the crypto market. The head of Morgan Creek Capital recalled the early days of Bitcoin, noting that its growth from a small pilot project to an established asset class naturally leads to reduced volatility. According to Yusko, volatility is an integral aspect of Bitcoin. Yusko confirmed his previous forecast regarding the first cryptocurrency. According to his estimates, the fair value of BTC should now be $50,000, and by the time of halving, Bitcoin will approach this mark so that miners remain profitable. After reducing the reward to miners, the fair value of Bitcoin may double, and already in 2024 the BTC rate will be in the six-digit range, Yusko suggested. However, he expects less dramatic price movements compared to previous cycles. Regarding the possible approval of a spot ETF for ether, the CEO of Morgan Creek Capital did not give encouraging forecasts. The approval process for Ether ETFs can be much more complex. The US Securities and Exchange Commission's (SEC) position that ether is not a security may change. Therefore, the chances of approval of exchange-traded funds linked to ether are less than 50%, Yusko concluded. Last year, the founder of Morgan Creek Capital said that sooner or later the whole world will use Bitcoin.
