Bitcoin $BTC Predicted to Reach Price of IDR 2.38 Billion This Year
Hedge fund manager Mark Yusko estimates Bitcoin will double to $150,000 or around IDR 2.38 billion this year.
"Starting from zero," the CEO and chief investment officer of Morgan Creek Capital Management told CNBC.com's "Fast Money" quoted Monday, (1/4/2024).
Yusko believes investors should have at least 1% to 3% Bitcoin in their portfolio.
"Bitcoin is king. It is the dominant token. It is a better form of gold," he said.
As of Thursday's market close, Bitcoin was up about 159% over the past year. The price had surpassed the $73,000 level in early March, but was trading around $70,700 as of Thursday evening.
"I think this could easily increase 10x in the next decade," Yusko added.
He listed a Bitcoin exchange-traded fund, which launched in January, as a key bullish driver for the cryptocurrency. Yusko predicts the Bitcoin halving will cause a supply shock resulting in another round of major tailwinds for the flagship cryptocurrency.
The halving, which cuts Bitcoin mining rewards in half to limit supply, is expected to occur at the end of April.
"Big movements occurred after the halving," said Yusko.
He added that historically, around nine months after the halving or towards the end of the year, Bitcoin prices will peak before heading for another jump.
Meanwhile, analysts at JPMorgan, a leading US financial institution, said Bitcoin (BTC) still has room for further price declines. Quoting the Avalanche Foundation, this assessment comes after Bitcoin recently reached a new high at the beginning of this month, but has since entered a downward trend.
