We have heard some very interesting Bitcoin price predictions over the past few years. Some individuals such as Boston University’s Mark T. Williams, better known as Professor Bitcorn, expected Bitcoin to die a few years ago. Others think now is only the start of a major Bitcoin price rally. No one knows for sure who is right and who is wrong in this regard. Morgan Creek Capital Management CEO Mark Yusko is confident that one Bitcoin will be worth US$400,000 someday.
WHAT IS THE TRUE VALUE OF ONE BITCOIN?
Surprisingly, this is perhaps one of the most difficult questions to answer right now. No one can deny there is a lot of value in Bitcoin, but there are also some big flaws which need to be addressed sooner rather than later. From a speculative point of view, Bitcoin could be worth millions of dollars, for all we know. Mark Yusko, CEO of Morgan Creek Capital Management, is only slightly less bold in stating that it could certainly reach US$400,000 in the long term.
Price predictions always get a lot of attention, and Yusko’s bold claim is no different. What with all of the Bitcoin Cash drama and the SegWit2x debacle, reaching US$400,000 per BTC may be difficult, to say the least. At the same time, we have seen the Bitcoin price suffer from some major volatility over the past few years and only come out stronger in the end.
No one can deny Bitcoin has pleasantly surprised a lot of people. After the major price crash of 2014, a lot of speculators and investors assumed it would soon be game over for Bitcoin. Surprisingly, that is not what happened at all, and the Bitcoin price eventually reached an all-time high of over US$7,600 not long ago. It has been an uphill battle ever since, mind you, but the world’s leading cryptocurrency has not given up by any means. Whether or not we will see a new all-time high later this year is highly debatable, though.
Yusko has explained why he made such a bold prediction at this point in time. It seems he’s been coming across the name Bitcoin a lot more often since 2011, which clearly indicates the cryptocurrency is doing something right. He is also a big Bitcoin investor, although he’s never clarified how many bitcoins he actually holds right now. It is evident a rising Bitcoin price would be in Yusko’s best interest as well.
Bitcoin has proven to be a disruptive force which can’t be ignored whatsoever. Banks and financial institutions all over the world have been attempting to discredit Bitcoin for many years now, but they are starting to display a more open mind towards the world’s leading cryptocurrency these days. Bitcoin may be a bubble in the minds of some people, but the rest of the world seems to vastly disagree. Then again, no one should expect banks not to oppose Bitcoin either, as it is something that genuinely threatens their business model.
Yusko’s current high level of confidence in Bitcoin is somewhat unexpected, though. He feels confident about Bitcoin’s price increase mainly because the internet of money is a very real thing. He also thinks Bitcoin is as important as the internet was back in the 1990s. It is certainly true Bitcoin may be here to stay, but only time will tell whether or not that is actually the case. To be sure, most people wouldn’t mind seeing a Bitcoin price of US$800,000 in the coming years.