The year has reached the half-year mark, but Mark Yusko the hedge fund manager is still pretty far from backing down from a prediction he made earlier this year that the price of bitcoin would reach a record-setting high in 2018. The primary rumbles of a liftoff that will experience the infamous cryptocurrency break through the six-figure threshold in less than a decade.
While active on Twitter, the founder of North Carolina-based Morgan Creek Capital Management, Mark Yusko, stated that he is standing rather firmly by his year-end price target of $25,000. Yusko came up with the prediction for the very first time in the month of April and he even declared that he expects it of bitcoin to march to $75,000 by 2020, $200,000 by 2022, and ultimately eclipse $500,000 by the end of 2024.
In the month of October of the year 2017, Yusko made a forecast that the bitcoin price could perhaps and very possibly one day reach $1 million per coin, but he did also say that he did not expect BTC to hit this milestone for at least a decade.
Thus it comes as no surprise or shock that Yusko ranks amongst the most optimistic of bitcoin bulls due to his rather bizarre but hopeful predictions. However, he did mention that his targets were justified because of the power of the “network effect”.
CCN reported that the bitcoin price tanked below $8,000 on the previous Thursday after the U.S. Securities and Exchange Commission (SEC) said no to the Winklevoss twins’ second try at listing a bitcoin ETF on a regulated exchange.
Regardless of this negative pressure, bitcoin managed to stay in the fight and claw its way back above $8,000 and spent the majority of the weekend trading near $8,200.
Commenting on bitcoin’s recent price movements, Yusko said that daily fluctuations are “just noise” because “all that matters is securing ownership of the [Bitcoin] Network.”