Mark Yusko, hedge fund manager at Morgan Creek Capital Management, was invited to the CNBC show, Trading Nation. During his interview, Yusko claimed that Bitcoin might be struggling to gain back the $60K ATH at present, but it has the potential to reach $250K in the course of the next five years. Yusko also added that Bitcoin is a new technology network and networks tend to grow exponentially.
He believes that Bitcoin is more than just a store of value and many investors seem to ignore the inherent qualities of the beacon blockchain project. According to Yusko, Bitcoin is the largest and fastest-growing network that is valued in trillions of dollars. He compared Bitcoin’s quick progress to FAANGs that took about 15-20 years for the same growth spurt. FAANGs are the top five tech giants in the world, i.e., Facebook, Amazon, Apple, Netflix, and Google (Alphabet).
Bitcoin would Rival Gold and Replace it Eventually
Yusko also compared gold with Bitcoin. He remarked that the only trade commodity that is in the same weight class as Bitcoin is gold. At present gold market cap is sitting at $4 trillion. As the gold market is crashing and crypto markets are flourishing, the flagship cryptocurrency would have to get to the price point of a quarter of a million per unit. He also added that Bitcoin serves as the base layer protocol for Internet of Value like TCP and IP.
Despite the 3000 percent appreciation of Dogecoin, Yusko seemed cynical about it and remarked that is a useless token that does not offer valuable use case like Bitcoin and Ethereum. In the case of silver cryptocurrency, Yusko remarked that ETH could be compared to the dot com toolkit that allowed users to make further development on the baseline internet foundation.
Despite the massive altcoin gains and persistent Bitcoin corrections, not all investors are betting on a longer bull rally. Boris Schlossberg, managing director for FX trading at BK Asset Management, revealed the most obvious short stock for a possible crypto crackdown this summer. Schlossberg was speaking at CNBC’s Trading Nation last Wednesday. Referring to the latest fall of Dogecoin, he remarked that the crypto party would eventually come to an end.
He told media that the easiest and most obvious shorting positions would appear in Coinbase securities from a stock broker’s perspective. After the recent correction of DOGE, Coinbase fell about 3%. Schlossberg links the weakness of Coinbase stock to further devaluations. He believes that Bitcoin is a decent store of value and it is better than gold in terms of affordability. However, it would not be able to replace fiat.