Mark Yusko, founder and CEO of Morgan Creek Capital Management, recently predicted on CoinDesk TV’s First Mover that Bitcoin (BTC) could reach $300,000 by 2028. Comparing Bitcoin to gold, Yusko explained that the digital asset is portable and divisible, making it equally scarce. The monetary value of gold is about 6 trillion, I think bitcoin can replace all of that, the monetary equivalent of $6 trillion is about a 10X from here, which gives us a price of about $300K, he said.
Yusko believes that the $300,000 price could be reached by 2028, when Bitcoin will go through another halving event. Roughly every four years, the rewards miners receive for successfully mining a block are cut in half to control the blockchain’s supply economics. This event is known as the halving and is often seen as a positive catalyst for the price of the digital currency as it reduces inflationary pressure on Bitcoin. Yusko’s bullish prediction hinges on using previous historical examples of how the price of Bitcoin behaved after each halving event. Every [Bitcoin] halving we’ve added a zero, and by next April I think we could go to $100,000, he said.
Yusko joins other Bitcoin bulls who have recently predicted a higher price for the digital currency. Most recently, British multinational bank Standard Chartered predicted that Bitcoin could reach $120,000 by the year-end. Meanwhile, Crypto services provider Matrixport said it sees Bitcoin rallying to as high as $125,000 by the end of 2024. Bitcoin has climbed about 70% since the start of the year and is currently trading at $29,300, after falling 64% in 2022.