Friday, January 17, 2020

Morgan Creek CEO: Bitcoin Could be Worth $400,000 or $500,000 Someday

Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@

Mark Yusko, CEO and co-founder of Morgan Creek while in an interview with a media outlet revealed his stance about institutional investors and Bitcoin’s price. He believes the former is already in the market and the latter has the potential of hitting $400,000 to $500,000 in order for its market cap to align with that of gold.

Institutions Will Eventually Get Comfortable With Cryptocurrency

Mark Yusko was recently in an interview with Bitcoin Magazine NL and he stated that institutions have gotten quite comfortable with equity investments even though the same cannot be said about cryptocurrency, but eventually they will. He also made reference to the two public pension funds in West Virginia who contributed a large part in a $40 million led by Morgan Creek in February. Yusko further outlined that investments of this nature will attract other public pension funds into the cryptocurrency industry.

On the other hand, he was asked about his perception of institutional investors slowly trooping into the market. While responding, the CEO said there are several types of institutions. Among these are those like Fidelity Investments who have already set up teams to launch a product for the industry.

Banks are Less Likely to Adopt Cryptocurrency Since They Feel Threatened

In the same vein, there are other institutions like banks who are less likely to adopt cryptocurrency anytime soon since they feel threatened by it. Nonetheless, institutional investors like foundations and endowments have already dipped their foot in the market. Likewise, “instividuals, individuals with institutional-like capital” are already in the market.

Like banks, the CEO also noted that public pension funds, corporate pension funds aren’t yet in the market. Alternatively, a little of sovereign money is beginning to flow into the industry and according to Yusko, there has been a lot of activity. Morgan Creek, for instance, has had talks with a large sovereign wealth fund. The focus was on the latter’s potential investment in cryptocurrency.

Impact of Sovereign Money on Bitcoin’s Price

Still in the aspect of Sovereign money, the CEO when asked how that will impact on Bitcoin’s price, made comparisons between Bitcoin’s and gold’s market cap. According to him, “bitcoin/gold equivalents would be $7.4 trillion of the market cap which would mean a Bitcoin price [of] $400,000 or $500,000 per unit.”

As such, hitting that price target is a possibility and Bitcoin’s current state can be likened to that of the internet in the early 90s where it was believed it will not be more important than a fax machine. He added that the same can be said about early technologies such as smartphones and Android which began small.

While throwing more light on what may have led to his conclusion on the price, Yusko said Bitcoin’s market cap may be $150 billion today, $300 billion tomorrow, and someday it will be worth a $1 trillion. Yusko also affirmed that a whole Bitcoin can be valued at $400,000 by its adoption rate growing exponentially even though he is uncertain if that will be a decade or two from now.

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