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

New Record $8.9 Billion Worth of Bitcoin Moved in One Hour

Francisco Memoria

A total of $8.9 billion worth of bitcoin, the flagship cryptocurrency, have been moved in a single hour earlier today, marking the highest hourly USD transaction volume in cryptocurrency history.

Despite the record-breaking transaction volume bitcoin’s price remains relatively stagnant, falling about 2% in the last 24-hour period to 7,300, after recovering from a low of $7,100 it saw yesterday. The low was hit shortly after a pump failed to maintain momentum to reach the $8,000.

According to Rafael Schultze-Kraft, cofounder of the on-chain market intelligence firm Glassnode, the record-breaking transaction volume turned out to not be something too exciting, as the moving BTC was associated to wallets belonging to cryptocurrency exchange Bittrex.

The transactions coincided with the exchange’s downtime, which means it could simply be moving around coins to improve its cold wallet security, or to improve its internal organization and coin management.

In total, Bittrex moved 1.18 million bitcoin, worth around $8.9 billion, over a series of 21 transactions. Each transaction moved around 56,000 bitcoin, or roughly $409 million worth of cryptocurrency. Each transaction had a fee close to $0.60, which means Bittrex moved nearly $9 billion and broke the record for the highest on-chain transaction volume in the cryptocurrency space for less than $12.5.

Overall, the transactions aren’t expected to affect bitcoin’s price, as internal movements aren’t associated with a large deposit or withdrawal – which means there shouldn’t be increased selling pressure or reduced supply because of them.

Featured image via Unsplash.