Billionaire Mark Yusko founder and chief investment officer at Morgan Creek Capital Management, confirmed his previous prognosis that the price of bitcoin will hit $400 000 in a long run.
His calculations are based on the suggestion that bitcoin will steadily replace gold as a reserve asset and therefore will be equivalent to its price.
«It’s just math. It’s gold equivalent. There will exist around 20 mln of BTC altogether. The cost of all gold on the market is around $8 trillion. It means that the price of one bitcoin will be around $ 400 000. That doesn’t include even any use cases of bitcoin, like currency, for instance… — commented Yusko.
He also specified why bitcoin has to struggle with the resistance of traditional financial institutions:
“All the people in the banks should be deathly afraid of it. Bitcoin has a potential to displace the need for the banks as a trust institution. It can transform the banking sector”.