Bitcoin Predicted to Have Explosive Rally, Mark Yusko Believes
Mark Yusko, the founder and CEO of Morgan Creek Capital, has expressed his belief that Bitcoin (BTC) will experience an explosive rally in the coming year. During an interview on the Thinking Crypto channel, Yusko stated that he expects the price of BTC to reach at least $100,000 by the end of 2024. He even suggested that the all-time high could be surpassed in a matter of days.
ETFs and Supply-Demand Dynamics Paint Bullish Future
Yusko attributes the potential rally to the growing popularity of exchange-traded funds (ETFs) and the upcoming halving event. He explains that ETFs are currently removing more Bitcoin from the market than is being mined each day, and after the halving, this trend is expected to increase two to three times. This supply-demand dynamic, according to Yusko, will play a crucial role in driving Bitcoin’s price higher.
Central Banks Expected to Include Bitcoin in Reserve Holdings
In addition to the supply-demand factors, Yusko also anticipates that central banks will eventually adopt Bitcoin as they did with other reserve holdings such as the Chinese Renminbi currency. He sees Bitcoin as the digital equivalent of gold, with central banks acknowledging its value and choosing to incorporate it into their holdings.
Bitcoin’s Current Price and Future Outlook
At the time of writing, Bitcoin is trading at $43,452. Despite its recent increase in value, Yusko’s long-term prediction of hitting six figures showcases his bullish stance on the cryptocurrency. He recommends investors and individuals to stay informed by subscribing to news alerts and following reputable sources.
Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research and exercise caution when making high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, and all transfers and trades are done at one’s own risk.
Analyst comment
Positive news. The analyst predicts that Bitcoin will experience an explosive rally, with a price of at least $100,000 by the end of 2024. This is attributed to the increasing popularity of ETFs, upcoming halving event, and the potential adoption of Bitcoin by central banks. The current price of Bitcoin is $43,452.
