Celebrity Fund Manager: It's No Longer Possible For Bitcoin To See Zero

 

Mark Yusko, co-founder of cryptocurrency hedge fund Morgan Creek Digital, said the idea of bitcoin (BTC) going to zero is now unlikely. In a new interview with Scott Melker's The Wolf of all Streets, Yusko noted that talk of BTC going to zero could erupt as the value of the leading crypto asset increases and defies expectations.

“At $ 450,000 per Coin, people will go crazy, say, ‘it has to go to zero from here.’ Zero, out of the question. We've reached the critical network impact mass where this technology will stay. It has a lot to do beyond the Gold Value store usage scenario... we're taking a world of traditional finance, an analog world that goes to electronics and Central Finance; now we're going to a decentralized world that's really digital and far superior.”

Yusko adds that the fundamentals on the chain point to Bitcoin's enduring power:

“If we look at data only in terms of adoption, wallets, blocks, transactions and use cases for these technological innovations; the information that we all look at objectively continues to increase. So basically my faith is incredibly strong right now.”

Yusko's $ 500,000 estimate for Bitcoin

As for the price target for Bitcoin, Yusko believes BTC is far superior to gold and could potentially consume market share of the precious metal on its way to becoming the undisputed store of value:

"So can Bitcoin be not only a monetary use, but also a store of pure wealth and value use? Yes, it can. Raoul Pal stated that it would be one million dollars per coin. I also think that the approach really per coin would be half a million dollars. If you have 21 million, if you have a few losses, multiply them; you get a market capitalization of $ 8 trillion.”