Hedge Fund Manager Mark Yusko: Bitcoin Just Getting Warmed Up; $500,000 by End of 2024

Siamak Masnavi

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:


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:

 

Featured Image Credit: Photo via Pexels.com

Dark Web Marketplace Bans Vendors Selling Fake COVID-19 Vaccines for Bitcoin

Dark web marketplace Monopoly Market has reportedly taken a stance against those trying to profit off of the COVID-19 outbreak, banning any vendor trying to take advantage of the pandemic.

According to The Independent, various sites on the dark web have seen a surge in listing selling materials for bitcoin claiming to be able to protect people from the disease. Monopoly Market’s admins have warned users they won’t be allowing these listings.

The market, which is relatively now and has little over 100 active vendors selling drugs ranging from cannabis to steroids for BTC or XMR, made the warning after receiving an influx of coronavirus-related listings from scammers. A forum post reads:

Any vendor caught flogging goods as a ‘cure’ to coronavirus will not only be permanently removed from this market but should be avoided like the Spanish flu.

Monopoly Market is also barring users from selling items impacted by shortages, including face masks. The post adds users are not to “under any circumstances use COVID-19 as a marketing tool.” On dark net markets, fake coronavirus vaccines claiming to be “fully tested and confirmed” have been spotted in listings, going from $200 to $300 in BTC.

There are currently about 20 vaccines in development in labs throughout the world, but experts have warned it could take 18 months for one to meet regulatory tests and standards. The Independent notes these are unrelated to the listings, however, as one vaccine listed on the Agartha market, priced at $300 in bitcoin, contains a mix of nicotine, cocaine, and amphetamines.

Monopoly Market has also called on vendors to take precautions to avoid transmitting the virus to clients:

You should already be doing this but please wear a pair of gloves, old pair of reading glasses, and a face mask if available. Vendors in all conditions should be keeping a certain level of good hygiene.

This is notably not the first time darknet users voluntarily halt the sale of dangerous or dubious products. In 2018, major marketplaces banned the sale of fentanyl after it was linked to hundreds of accidental overdoses.

Scammers, as CryptoGlobe reported, have even been impersonating the World Health Organization to steal bitcoin meant to help fight the coronavirus outbreak.

Featured image via Pixabay.