The head of Morgan Creek Capital, Mark Yuusko, believes that Bitcoin can "easily" reach levels of $ 50,000 – 100,000 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’s Bitcoin price is predicted on the basis of Metcalf’s law, according to which the value of the network is proportional to half the number of users of this network.
“When I think about the growth of the network in the context of Metcalf's law, I find that the price can easily be between $ 50,000 and $ 100,000 somewhere 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 the level of $ 20,000, while "the value it contained 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 became the active purchase trigger, according to Yusko.
“We still think that the intrinsic value of Bitcoin is determined by Metcalf’s law and the spread of cryptocurrency among users, which corresponds to a level of $ 15,000–17,000 ,” he added.
A similar opinion is shared by Morgan Creek Digital partner Anthony Pompiano, who recently stated that the price of Bitcoin could reach $ 100,000 by the end of 2021.
Publication date 05/07/2019
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