Morgan Creek Capital Management CEO Mark Yusko has recently made bullish predictions for bitcoin, foreseeing a rise to $150,000 post-halving. Moreover, he believes that the digital asset’s current “fair value” is $75,000.
Speaking on Scott Melker’s “Wolf Of All Streets” podcast, Yusko attributed the upward rally to on-chain activity, Bitcoin Ordinals, and the application of Metcalfe’s law as a fundamental metric.
Bullish Sentiments
Expressing confidence in an ongoing bull market, Yusko sees the halving as a catalyst for the surge. He states that as the halving reduces the miners’ rewards, bitcoin will “go right through fair value.” Yusko states:
“I think there’s less leverage. I think we go two times at fair value, that’s 150 so sometime between Thanksgiving this year and June of the next year.”
Yusko further sees a market correction and a subsequent cycle restart. He anticipates a potential decline of 90-95% in small-cap altcoins from their peaks, while Bitcoin maintains its role as a digital gold standard.
Notably, he has previously emphasized on the shift of investors selling traditional hedges like gold to enter Bitcoin ETFs, considering them as legitimizing digital asset investments for traditional players.
Mark Yusko Calls SEC Chair ‘Gloomy Gary’
In his assessment of the Securities and Exchange Commission (SEC) Chairman Gary Gensler, Yusko playfully dubbed him “Gloomy Gary.” He alleged that Gensler worked for Bitcoin opponents like Senator Elizabeth Warren. Yusko emphasized the resistance faced by disruptive technologies like Bitcoin from those with financial or political stakes by stating:
“Haters are going to hate because they have a lot to lose.”
Morgan Creek CEO referred to confirmations reported by Tom Emmer, Majority Whip of the United States House of Representatives, that contradicted claims about groups like Hamas using digital assets extensively for fundraising. Notably, Emmer recently stated on X that he has confirmations from FinCEN and OFAC on the negligible involvement of bitcoin in such illicit activities. He writes:
“Undersecretary Nelson CONFIRMED, on the record, that the WSJ’s numbers were inaccurate and that crypto was not even a popular tool for Hamas terrorists.
From Doubts to Belief
It is interesting to note that Yusko used to doubt Bitcoin, thinking U.S. intelligence might have a secret way in. In the podcast, he recounted that time and stated that one of his expert friends assured him that it is safe because it’s air-gapped. However, he still has doubts about the potential vulnerabilities of Ethereum.
Yusko positions Bitcoin as an exceptional diversification asset, emphasizing its unique characteristic of low correlation with traditional holdings like bonds and stocks. He highlights Bitcoin’s enduring value over an extended investment horizon. Expressing skepticism towards passive financial strategies, Yusko questions their effectiveness. He points to the financial struggles faced by the average individual, suggesting:
“If that were such a great system then the average person wouldn’t have sub $100,000 in their 401k and have no ability to retire.”
Yusko concluded the podcast with a positive sentiment, expressing enjoyment of contributing to the digital asset industry.
