Bitcoin to $400,000 per Mark Yusko of Morgan Creek Capital
The Chicago Mercantile Exchange (CME) has announced it will add Bitcoin futures trading in the fourth quarter of 2017. Bitcoin price almost instantaneously jumped on the news, reaching all-time highs over $7,500.
However, the cancellation of SegWit2x has led to a sudden slump in the price, and would-be investors have been scared away from previous high priced predictions. However, Mark Yusko, founder and CEO of Morgan Creek Capital Management ($3.7 bln in assets under management) has not shied away from making predictions, suggesting that Bitcoin will eventually be worth $400,000.
The investing guru first bought into the cryptocurrency scene in 2011 but regrets not purchasing more. He was clear about the future, however, in spite of the lack of support among institutional bankers. He noted:
“This will change the supply and demand equation for banking. It is that big. I’m not surprised at all that bankers, financiers and Saudi Princes are coming out against it. This is a truly disruptive technology.”
Yusko compared Blockchain and Bitcoin to the Internet thirty years ago, noting that it has the same capacity to ‘change everything.’ His lofty prediction is for the long term of the cryptocurrency.
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Author: Jon Buck