Morgan Creek Capital Management founder Mark Yusko reiterated his prediction that bitcoin would reach $400,000 when its market cap becomes equal to that of gold.
Speaking in a recent interview with Altcoin Buzz, Yusko discussed the concept of “gold equivalence,” which involves bitcoin’s market capitalization equaling that of the precious metal. Yusko called bitcoin reaching gold’s market cap “perfectly logical,” and predicted it could occur within the next decade.
He continued,
Somewhere between $400,000 – $500,000, definitely likely probably out seven, eight years from now.
Yusko said bitcoin’s recent rally to over $9,300 was being driven by supply and demand, with speculators driving most of the price action ahead of next week’s halving.
He predicted bitcoin prices to drop in the short-term following the block reward reduction, followed by an increase to an all-time high.
He said,
There might even actually be a drop post-halving (as everybody’s, you know, hungover from the halving parties), and then you have this slow steady climb to an all-time high.
Featured Image Credit: Photo via Pixabay.com
