Even with the recent market conditions, hedge fund manager Mark Yusko is sticking to his prediction that the bitcoin price will be reaching an all-time high in 2018. And not only that, he also predicts that the world’s most valuable cryptocurrency will crack the six-figure threshold in less than a decade from now.
And because of that, he is suggesting that people opt for the buy and hold strategy. He recently tweeted that by the end of the year, the bitcoin price will be trading at $25,000 and he expects that that price will reach $75,000 by 2020, $200,000 by 2022, and will ultimately reach the $500,000 mark by the end of 2024.
On the surface, those predictions might seem outlandish, but given the current cryptocurrency climate and the upcoming favorable regulations from nations around the world, I do think that it is possible that his predictions might come true. But the timing will be a bit different because we do have to take into account some unpredictable variables that might change the course of bitcoin.
Yusko’s reasons for his prediction do have some integrity. According to him, bitcoin can reach those numbers because of the “network effect.” This effect is that as the bitcoin network brings in more and more users, its value will keep on increasing. This does make sense because bitcoin was able to pull through and reach the $8,200 region after tumbling down to the $8,000 mark.
But when people ask Yusko about these daily movements that would lower the chances of bitcoin reaching an all-time high this year, Yusko says that these fluctuations are “just noise” because right now, all that matters “is securing ownership of the [Bitcoin] Network.”
Anthony Pompliano who runs Morgan Creek’s Digital Assets operation shares Yusko’s bullish stance toward bitcoin. He recently said that he and his partners have never sold an investment from one of their crypto funds. According to him, this is a decade’s long game, and the most patient investors are the ones that will be rewarded the most.