The price of bitcoin (BTC), the largest cryptocurrency, could jump to $150,000 this year, according to US investor and hedge fund manager Mark Yusko.
Currently, the price of this major #cryptocurrency sits just above the $70,000 mark.
In a recent interview with CNBC, this hedge fund manager called #cryptocurrencies a superior form of gold and explained his bullish stance.
Mr. Yusko is confident that the price of cryptocurrencies could eventually rise well above $150,000. Moreover, he predicts that the value of the main coin will reach US$700,000 by the end of the next decade.
"Investors' bullish statements in favor of #bitcoin seem to be largely based on the halving event that is set to take place next month.
The bitcoin coin has already experienced a strong rally following the approval of several spot-listing funds earlier this year, but Yusko believes there will be an even bigger rally following the halving event.
He noted that historical data shows that bitcoin prices typically peak a few months after an event, and said we should expect fireworks before the end of 2024.
Mr. Yusko has long been a bitcoin "bull". For example, back in 2019, he predicted that the price of the largest cryptocurrency could hit the $400,000 mark.
In 2021, he said that a bitcoin price of $250,000 would put it "on par with gold.
At the beginning of March this year, the value of the largest cryptocurrency reached $1.4 trillion, overtaking silver in terms of market capitalization. However, it still has a long way to go to catch up with the yellow metal.
Cryptocurrencies have yet to overtake such large companies as Alphabet and Apple in terms of market capitalization.
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