Mark Yusko, the Chief Executive Officer (CEO) of Morgan Creek Capital Management has shared his optimism on Bitcoin (BTC), amid the recent rally encompassing the entire cryptocurrency market.
Morgan Creek Capital CEO’s Optimism On Bitcoin
Mark Yusko revealed his thoughts on the crypto leader in a recent interview on CBNC on Monday, December 11. At the beginning of the interview, the CEO highlighted what is behind Bitcoin’s current price movement.
Yusko said that part of the recent surge in the price of Bitcoin was due to investors anticipating the approval of a Spot BTC Exchange-Traded Fund (ETF). According to him, this is expected to happen in early January 2024.
He further estimated that the approval might take place around January 8, which he referred to as the “Kings Birthday.” However, Yusko made it clear that ETF speculation is not the major factor that has contributed to BTC’s growth this year.
Yusko noted that, in the wake of the FTX controversy, the market was severely undervalued a year ago. Due to this the fair value of Bitcoin is thought to be between $32,000 and $33,000.
Nonetheless, the value has grown to the low $50,000s, and the market has gradually caught up to this fair valuation. He further asserted that the price of Bitcoin has increased relentlessly over the past year to get closer to this value.
In the interview, Mark Yusko also highlighted that the upcoming Bitcoin Halving will also contribute to the growth of the crypto asset.
The CEO believes that the halving will create additional demand pressure for BTC, thereby propelling its price. He further anticipates that this event would energize the market, coinciding with the start of the “crypto fall” in June 2024.
Yusko also touched on the broader crypto market in the interview. When asked about his take on other cryptocurrencies in comparison to BTC such as Ethereum, Solana, and Avalanche, he labeled them as “toolkits.”
This is because they are used by developers to build applications, which has cemented its standing as digital gold. He then pointed out how Bitcoin’s market capitalization has increased from $0 to $850 billion, or 20% of the monetary equivalent of gold.
Mark Yusko On JPMorgan Chase CEO’s Stance On Cryptocurrency
The interview also saw Yusko addressing JPMorgan CEO Jamie Dimon’s stance on cryptocurrency. According to Yusko, those whose livelihoods depend on not understanding something will never embrace it.
He asserted that Dimon and other prominent figures in the financial industry are afraid of blockchain technology. This is because blockchain technology will take over the financial system just as the internet took over the media and commerce.
Yusko further added that blockchain will change the financial landscape, as people can be able to exchange values without any intermediaries. He highlighted that these intermediaries are going to be useless in the new world.
So far, Mark Yusko believes that crypto assets are the underlying protocols responsible for building the new web.BTC trading at $41,900 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image by iStock, chart by Tradingview.com