Bitcoin
$10,815.80 1.04%
BTC · 41w

A former Bitcoin skeptic explains why he thinks Bitcoin has great potential.

Bitcoin and cryptocurrency has had a mixed year—fears over a regulatory crackdown have risen, though the bitcoin price has doubled over the last 12 months.

The bitcoin price, which started the year at around $3,500 per bitcoin, soared to well over $10,000 this summer before crashing back to trade around $7,000 amid fears Facebook's planned cryptocurrency project could cause central banks and regulators to take action against crypto.

Now, with bitcoin traders and investors looking hopefully towards 2020, one former crypto skeptic-turned bitcoin believer has predicted the bitcoin price could hit $100,000 per bitcoin over the next two years before climbing as high as $500,000 by 2030.

The bitcoin price has had a tumultuous few months, with bitcoin at times swinging by up to $1,000 in ... [+] just one 24-hour trading period. Getty Images

"Between now and 2021, we're likely to see $100,000 bitcoin," Mark Yusko, the chief executive and chief investment officer at Morgan Creek Capital Management, told business news outlet Business Insider.

"By 2025, we're likely to see $250,000 bitcoin, and then some time out, 2030, we could see $400,000 or $500,000 bitcoin as it reaches gold equivalence."

Yusko, who admitted he was previously skeptical of bitcoin and the underlying blockchain technology that it's built on, pointed to the infancy of the technology as the reason behind his "hyperbullish" prediction.

"It really is about the growth mindset and focusing on the venture capital upside or the asymmetric upside of the asset at this point."

The growth of the bitcoin network, which has expanded rapidly since bitcoin was created a little over 10 years ago, will help combat wealth inequality, according to Yusko, who oversees some $1.5 billion worth of assets at his U.S.-based hedge fund.

"The government and the elites want to have all the wealth, so they manufacture inflation and the wealth flows to top. And that's why we ...

Continue on forbes.com
Recent news
BTC +1.04% · anchor.fm · 9h

Tales from the Crypt: #195: Stephan Kinsella

Join Marty as he sits down with Stephan Kinsella to discuss: - State's rights - The Lockdowns - The Constitution - The Government v. The State - Bitcoin didn't ask for permission - Are leftists insane...
BTC +1.04% · medium.com · 9h

"In our view, Bitcoin’s clear value proposition will keep gaining traction and growth until it matures into a normal commodity of the 21st century. This is unless some black swan (such as a serious bug or a very large scale hack) cause the Bitcoin project to fail."

In the last two weeks Bitcoin kept gaining acceptance, with a Swiss county accepting it for taxes, cryptocurrency exchange Kraken winning a banking charter in the state of Wyoming and of course…
11
BTC +1.04% · cryptotrader.tax · 11h

The Complete DeFi Crypto Tax Guide (2020)

In this article, we dive into these questions and share the fundamentals of DeFi taxes as they relate to lending, borrowing, yield farming, liquidity pools, and earning.
BTC +1.04% · blog.kraken.com · 13h

What Is Bitcoin's Intrinsic Value?

What is the value of Bitcoin? It’s a question that’s been asked since the innovative asset first appeared on message boards, and it’s only persisted as its value and usage has grown.  But while one de...
16