• Mark Yusko predicts that two catalysts could drive the price of Bitcoin up to 410%.
• The two catalysts are the upcoming halving event and a potential spot-based Bitcoin ETF.
• If US financial advisors allocated 1% of their $30 trillion to Bitcoin, it would have a “huge” impact on BTC.
Bitcoin Predicted to Surge Up to 410%
Morgan Creek Capital founder Mark Yusko is predicting that two catalysts could send the price of Bitcoin (BTC) soaring up to as much as 410%. The two potential catalysts are the upcoming halving event and a possible approval of an exchange-traded fund (ETF).
Upcoming Halving Event
Yusko believes that by the time the halving takes place in April/May/June 2021, fair value for Bitcoin will be around $100,000. However, this could be increased even further by speculation and market adoption depending on whether or not a spot-based Bitcoin ETF is approved. Yusko believes that if this happens, we could easily see prices between $100,000-$150,000.
US Financial Advisors Allocating 1% of Funds
Yusko also notes that US financial advisors control over $30 trillion in funds and if they were to allocate just 1% of those funds towards buying Bitcoin it would have a huge impact on its pricing. This kind of allocation is not unrealistic given Bitcoin’s impressive performance over recent years since its inception 14 years ago.
Current Price
At the time of writing, one Bitcoin is trading at 29,373 USD. A move up to Yusko’s upper range target suggests a total increase of 410% from its current price – making this an exciting proposition for investors interested in long-term gains through crypto investments.
Conclusion
With all these factors taken into consideration it seems clear that with both the upcoming halving event and potential approval for a spot-based ETF there are exciting times ahead for cryptocurrency investors who believe in long-term growth opportunities within crypto markets.
