Morgan Creek Capital Management, CEO: Bitcoin price could reach $ 400,000

On Thursday (May 9th), Mark Yusko, founder, chief executive officer and chief investment officer of Morgan Creek Capital Management, spoke about Bitcoin and in particular gave his forecast on the price of Bitcoin (BTC).

Yusko's comments on Bitcoin during an interview with Layah Heilpern, TV presenter, about BloxLive TV.

The security breach at Binance (announced on May 8) and its possible impact on the price of bitcoin

Yusko explained that the theft of more than 7,000 BTCs in Binance's "Bitcoin" portfolio only serves to "confirm" Bitcoin's "value" thesis since people "generally do not steal things that are not Have no value ".

In addition, he said that this attack underscores the need for cryptographic insurance ("a bit like the FDIC in the banking sector), in the case of this incident, for example, the Secure Assets Fund. for users of Binance (SAFU) could get in touch with the save and rescue users of Binance whose accounts were constituted of financial losses.

In addition, Yusko noted that the mere fact that banks and people are stolen all the time does not mean that we should stop using money and so we should not be too concerned. worry critics who might use this incident to argue that people should not use cryptography. because it is not safe.

Future price of bitcoin

Heilpern also wanted to ask Yusko to talk more about his prediction (made during an interview in April with Bitcoin Magazine NL) that a bitcoin might someday in the future reach $ 400,000.

Yusko explained that in his previous talks he had explained the future price of Bitcoin: if you consider bitcoin as digital gold, gold having a market capitalization of about 7.4 trillion of dollars, then if Bitcoin replaces one day the gold it has several advantages over gold, which Grayscale Investments recently talked about as part of its #DropGold campaign), dividing 7.4 trillion $ 21 million (the total supply of Bitcoin), we get a future value of about $ 400,000 for a BTC (of course, the actual result is $ 352,380 if the number of bitcoins currently in circulation was exactly 21 million, but in reality it is below that and, therefore, Yusko is right to round to 400,000 or $ 500,000).

When will this happen? He is not quite sure, but he believes that this could happen a decade from now.

He went on to say that over time, "more people would enter the network" and "more users would use the product".

He also explained that Bitcoin's spot price is a "liar" since it does not represent the value of Bitcoin and that the value of Bitcoin comes rather from the "number of users on the network" and from "The amount of capital that goes in and converts from fiat." That's why his company remains optimistic about Bitcoin and Crypto in general.

Photo featured via Pexels.com. The full video of this interview is available on the BloxLive TV website.