⚠️ WHY BITCOIN COULD REACH $150,000 THIS YEAR 🚀💰
Hedge fund manager Mark Yusko predicts Bitcoin will more than double this year to $150,000.
“Start from scratch,” the CEO and chief investment officer of Morgan Creek Capital Management said on CNBC's "Fast Money" this week.
Yusko believes investors should have at least 1-3% invested in Bitcoin in their portfolios. “Bitcoin is king. This is the dominant token. This is the best form of gold,” he said.
As of Thursday's stock market close, Bitcoin was up about 159% from a year ago. It topped $73,000 earlier in March but was trading around $70,700 on Thursday evening.
“The law of large numbers comes into force. I think the figure could easily increase 10-fold over the next decade,” Yusko added.
He credits Bitcoin exchange-traded funds, launched in January, as a major driver of the cryptocurrency's growth. Yusko expects the Bitcoin halving to lead to a supply shock, leading to another round of major tailwinds for the flagship cryptocurrency.
The halving, which will see Bitcoin mining rewards cut in half to limit supply, is expected at the end of April.
“The big move will happen after the halving,” Jusko said. “Towards the end of the year things start to become more... parabolic. And historically, about nine months after the halving, which is around Thanksgiving and Christmas, we see prices peak before the next bear market.”
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