InvestorCrypto.net - The price of bitcoin is predicted to surpass US$150,000 (Rp 2.4 billion). This forecast comes from hedge fund manager, Mark Yusko, in an interview with CNBC International on Sunday 31st March 2024.
"Starting from scratch," said the CEO and Chief Investment Officer of Morgan Creek Capital Management on CNBC's "Fast Money."
At the close of the stock market on Thursday, bitcoin had risen by around 159% over the past year. The price had exceeded US$73,000 at the beginning of March, but was trading around US$70,700 on Thursday evening.
"The law of large numbers is starting to apply. I think it could easily increase tenfold in the next decade," added Yusko.
Yusko then mentioned the funds traded on the bitcoin exchange, which launched in January, as a key bullish driver for the cryptocurrency.
He estimated that the bitcoin halving would cause a supply shock, resulting in significant impacts on the leading cryptocurrency.
The halving event, which cuts the mining reward in half to limit the supply, is expected to take place at the end of April.
"Big movements happen after the halving," Yusko explained. "It's starting to become more... parabolic towards the end of the year. And historically, around nine months after the halving, so towards Thanksgiving, Christmas, we see the peak price before the next bearish market."
Yusko's company also has exposure to the online crypto trading platform, Coinbase. It's worth noting that Coinbase's stock has risen by nearly 321% over the last 12 months. "We believe big things are happening for Coinbase," he exclaimed.
In conclusion, the future of bitcoin looks extremely promising, with potential for significant growth in the coming years. The halving event and the increasing interest in cryptocurrencies could drive prices to new highs. According to Mark Yusko, the sky's the limit for bitcoin, and investors should be prepared for an exciting ride ahead.
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