Morgan Creek CEO: Bitcoin will easily climb to the $ 50,000 – $ 100,000 range by 2021
Morgan Creek Capital CEO Mark Yusko thinks bitcoin could “easily” reach $ 50,000-100,000 levels in 2020 or 2021.
In a conversation with BlockTV, he noted that the network effect, emotions and the number of speculators who want to enter the market will be the key to the future Bitcoin rally. Yusko predicts the bitcoin price based on Metcalfe’s law, according to which the value of a network is proportional to half the square of the number of users of this network.
“When I think about network growth in the context of Metcalfe’s Law, I find that the price could easily be between $ 50,000 and $ 100,000 sometime in 2020 or 2021. This is a fairly wide range, but it seems to me that the main difficulty in predicting the price is that it does not reflect the true value, “he said..
Yusko recalled the events of December 2017, when bitcoin was trading at $ 20,000, while “the value inherent in it was $ 10,000 or $ 11,000, and people should step aside.” At the same time, when Bitcoin approached $ 3,000 at the end of last year, the fair price was around $ 13,000-14,000, which was the trigger for active buying, Yusko said..
“We still think that the intrinsic value of bitcoin is determined by Metcalfe’s law and the distribution of cryptocurrency among users, which corresponds to the level of $ 15,000-17,000,” he added..
A similar opinion is shared by Anthony Pompliano, a partner at Morgan Creek Digital, who recently announced that the price of bitcoin could reach $ 100,000 by the end of 2021..
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