Morgan Creek CEO Says Bitcoin Will Hit $25K in 2018, $500K by 2024

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Morgan Creek CEO Says Bitcoin Will Hit $25K in 2018, $500K by 2024

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The CEO of Morgan Creek Capital Management and Morgan Creek Digital Assets, Mark W Yusko, has issued a long-term Bitcoin price prediction. He forecasts Bitcoin will hit USD 25,000 by the end of 2018, USD 75,000 by the end of 2020, USD 200,000 by the end of 2022, and USD 500,000 by the end of 2024.

In October 2017, Yusko said Bitcoin would eventually hit USD 1 million per coin, making him one of the most aggressive Bitcoin bulls, in the same league as John McAfee who is also calling for Bitcoin to hit USD 1 million. However, John McAfee’s prediction is for a more rapid Bitcoin rally, with the USD 1 million mark being hit by 2020.

The Morgan Creek CEO is basing his prediction on the Network Effect, which is where a communications network becomes more valuable as it gains users. The Bitcoin network has seen a rapidly accelerating mining hash rate, indicating exponential growth in the amount of equipment being used to secure the Bitcoin network, and a good indicator that more people than ever before are mining Bitcoin. Currently, the Bitcoin hash rate is over 50 exahash/s, up from 15 exahash/s at the beginning of 2018, 2.5 exahash/s at the beginning of 2017, and 0.7 exahash/s at the beginning of 2016.

Aside from that, Bitcoin is gaining more users than ever before as Bitcoin ATMs proliferate across the globe and many thousands of businesses now accept Bitcoin. Also, institutional investors are beginning to invest in Bitcoin and cryptocurrency, and it is expected that institutional investment will lead to the next big Bitcoin rally.

Yusko’s firm, Morgan Creek Capital, plans on helping start the wave of institutional capital that is forecast to enter the crypto space. It is planning on raising USD 500 million to launch a new hedge fund that focuses on cryptocurrency and blockchain.

 

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