Mark Yusko Predicts Bitcoin At $150,000 In 2024
Morgan Creek Capital CEO Mark Yusko predicts the price of one Bitcoin (BTC) could reach $150,000 by the end of the year – more than double its current price.
In an interview with CNBC’s Fast Money on Saturday, the hedge fund manager argued that Bitcoin’s fair market value is currently $50,000, based on Metcalfe’s law – an equation for determining the value of a telecommunications network based on its number of users.
After factoring in the upcoming Bitcoin ‘halving’ and increased transaction fees from Ordinals NFTs, that number rises to $75,000. Then, based on Bitcoin’s proclivity to rise to double fair value during a bull market, the asset could reach $150,000 over the next 12 months.
“The big move happens post-halving,” said Yusko. “It starts to become more … parabolic toward the end of the year. And, historically about nine months after the halving, so sometime toward Thanksgiving, Christmas, we see the peak in price before the next bear market.”
Yusko’s prediction matches that of Fundstrat analyst Tom Lee, who announced the same end-of-year price target in February. Both argued that the same two events would be major bullish catalysts for the asset’s price: the halving as a supply shock, and the introduction of U.S. Bitcoin spot ETFs as a demand shock.
The halving, which is expected to occur in mid-April, will reduce the number of newly created BTC in each Bitcoin block from 6.25 BTC to 3.125 BTC. This specific halving will make Bitcoin’s annual inflation rate lower than that of gold, which is the only asset that still tops BTC as the United States’ top ETF commodity.
“Bitcoin is the king. It is the dominant token. It is a better form of gold,” Yusko said, recommending that investors have a 1% to 3% Bitcoin allocation in
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