7 months ago
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The hedge fund manager thinks Bitcoin is a better form of gold.
Bitcoin might reach a new peak of $150,000 this year, driven by the upcoming Bitcoin halving and spot Bitcoin exchange-traded funds (ETFs), said Mark Yusko, CEO of prominent hedge fund Morgan Creek Capital, in an interview with CNBC on March 30.
“Post-halving, you get a lot of interest in the asset, a lot of people FOMO in, and we normally go to about two-time fair value in the cycle,” stated Yusko. “In the last cycle, fair value was 30, we got as high as $68,000, $69,000. This time, I think, probably two times because there’s less leverage. That gets us to $150,000.”
Yusko sees two major factors driving Bitcoin’s price: the recent launch of US Bitcoin ETFs in January and the upcoming halving event expected around April 20-21. The ETFs are seen as a bullish signal, while the halving will create a supply squeeze, potentially pushing the price up due to classic supply and demand dynamics.
“Once that [the Bitcoin halving] occurs, then you start to get an increase in demand…from ETFs and others interested, but the supply of new coins goes from 900 a day to 450,” explained Yusko. “ If there’s more demand than supply, [the] price has to rise.”
Yusko calls Bitcoin “the dominant token,” a form of gold but better. He recommends investors allocate at least 1% to 3% of their portfolios to Bitcoin.
Yusko expects Bitcoin’s price to “become more parabolic toward the end of the year.” Historically, according to him, Bitcoin’s price tends to set a new record high around nine months after a halving event. This would put the peak price sometime in November or December this year, potentially around the Thanksgiving or Christmas holidays.
Yusko also predicts a downward trend after Bitcoin reaches its peak.
Additionally, Yusko revealed Morgan Creek Capital’s investment strategy with 80% in private equity and 20% in high liquidity tokens. He also expressed interest in Ethereum, Solana, and Avalanche.
Historical data suggests Bitcoin could reach a new all-time high in 2025. However, 21Shares believes this halving cycle might be different due to the recent introduction of spot Bitcoin ETFs in the US. These ETFs could trigger an earlier Bitcoin rally compared to previous halving cycles.
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