Bitcoin soaring to $150,000 this year

Bitcoin soaring to $150,000 this year

Hedge fund manager Mark Yusko predicts Bitcoin will more than double to $150,000 this year.

“Go from zero,” the CEO and chief investment officer of Morgan Creek Capital Management told CNBC’s “Fast Money” this week.

Yusko believes that investors should allocate at least 1 to 3% to Bitcoin in their portfolios. “Bitcoin is the king. It is the dominant token. It’s a better form of gold,” he said.

At the close of trading on Thursday Bitcoin is up about 159% in the last year. It had topped $73,000 at the start of March but was trading at around $70,700 on Thursday evening.

“The law of large numbers comes into play. I think it can easily grow 10-fold from here in the next decade,” Yusko added.

He cites Bitcoin exchange-traded funds, which launched in January, as one of the key bullish trends for the cryptocurrency. Yusko expects the Bitcoin halving to result in a supply shock, creating another round of major tailwinds for the flagship cryptocurrency.

The halving, which cuts the Bitcoin mining reward in half to limit supply, is expected at the end of April.

“The big move comes after the halving,” Yusko said. “Towards the end of the year it becomes more and more parabolic. And historically, about nine months after the halving, sometime around Thanksgiving and Christmas, we see the price peak before the next bear market.”

Yusko’s company is also involved in the online cryptocurrency trading platform Coinbase. “We believe big things are coming for Coinbase,” he said.

Shares of Coinbase are up nearly 321% in the last 12 months.

Disclosure: Yusko’s companies own Bitcoin, Ethereum, Gold, Coinbase and Nvidia.

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2024-03-30 15:00:01