Mark Yusko, the founder of Morgan Creek Capital, recently shared his positive outlook on the future of Bitcoin (BTC) during Bitcoin Investor Day. Yusko, a well-known figure in the hedge fund industry, highlighted that the fair value of the cryptocurrency has increased from US$50,000 to approximately $80,000 following the recent Bitcoin halving.
Yusko believes that the market has not yet reached the FOMO (fear of missing out) phase, which is expected to occur when BTC approaches this new estimated fair value. He explained that in previous halving cycles, the fair value has doubled. However, due to the introduction of registration fees, Yusko doesn’t expect the fair value to double this time. Instead, he predicts that it will likely reach $80,000. Nevertheless, he believes that once BTC starts moving towards this new fair value after the halving, FOMO will kick in.
During the event, Yusko also discussed the potential for mass adoption and increased interest from large financial institutions such as Bank of America and Merrill Lynch. He believes that once FOMO kicks in and there is greater adoption due to the demand shift from these institutions, Bitcoin will reach a significantly higher pricing level.
Despite these optimistic predictions, Yusko acknowledged that general interest in Bitcoin has not yet peaked. This is evident from the low search activity for Bitcoin on Google and the lack of curiosity among his close social circles. However, he believes that this will change in the future as more people become aware of and interested in Bitcoin.
As of the time of writing, Bitcoin is trading at $65,045.20, reflecting a 2% increase in the last 24 hours.
Disclaimer: The views expressed in this article are solely those of the author and do not constitute financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.