It would not be an exaggeration to call Mark Yusko pretty bullish on Bitcoin. On Thursday (26 July 2018), the founder, CEO and chief investment officer of Morgan Creek Capital Management, reiterated his April prediction that the Bitcoin price would reach $500,000 by the end of 2024:
My view from April is unchanged. The #NetworkEffect of #Bitcoin is powerful and all that matters today is securing ownership of the Network, the daily price is just noise... #BuyAndHODL 🚀 https://t.co/FvnIi4jrX1— Mark W. Yusko (@MarkYusko) July 26, 2018
He did, however, also revise his year end price target from $25,000 to somewhere between $20,000 and $25,000.
In an interview with TheStreet's Tanzeel Akhtar, this is how Yusko presented his theory on Bitcoin's price action:
"If you look at [Bitcoin price] history, you know there's been five parabolic moves or crashes, and we'll have a 6th, 7th, and 8th, and 9th, and it is just the way it works. So I don't think you need a big event, and you've seen it in the past couple of weeks, right? As soon as the price starts to run. Those people that have been waiting on the sidelines to make sure that the bear market is over are ready to jump in, and then once it actually starts moving, then it starts moving fast and that's when you get those parabolic moves."
As for VanEck's third attempt at getting the U.S. Securities and Exchange Commission (SEC) to approve its proposed Bitcoin ETF (to be called "VanEck SolidX Bitcoin Trust" according to the registration statement it filed on 5 June 2018), Yusko said that he was not expecting the asset management firm to get the green light:
"So I think we get a little disappointment break after that and prices will fall again. We'll have one last dip before the fourth quarter big rally and who knows where we end up but that is how I see things going."
With regard to the $500,000 price target, Yusko explained that he arrived at this figure by trying to estimate the network value, and that he calculated this by taking the "hash power of the network, and the number of participants and the amount of money that comes into the network."
It is important to note that Yusko is not the only prominent Bitcoin bull out there, and back on 19 April 2018, the "BTC" Twitter account, sent out a tweet that summarized some of the other bullish price predictions for Bitcoin: