Though bitcoin struggles to regain the $60,000 mark, Mark Yusko of Morgan Creek Capital Management has set his sights even higher.
According to the company's founder and chief investor, crypto-monetary assets could hit $250,000 in five years. He claims that the secret is much more than a value token, which many investors overlook or misunderstand.
It's "just about networking acceptance and increased use," Yusko said on Friday. "This is a network and an exponential network." This is the quickest trillion-dollar net in history, coming right after the FAANGS, which took anywhere from fifteen to twenty years depending on which one you're looking at."
Yusko's $250k goal is focused on a gold equivalent. If gold has a monetary value of $4 trillion, the value of digital gold should be $1 million per coin, or a quarter of that.
"It's a technical advancement in computer power that people are overlooking," he said. "It's a formidable computer network that will eventually become the Internet of Value's base layer protocol."
This year, not just Bitcoin has risen in value. Litecoin and Ethereum are both up three numbers, while Dogecoin, the "meme" cryptocurrency, is up over 13,000 percent.
According to Yusko, Bitcoin is now the gold standard in the crypto world. He compares that to how the internet operates. Bitcoin is a simple layer protocol, similar to TCP/IP, that is used to link and communicate computers, while Ethereum is a crypt that is similar to "www dot," a "toolkit" to build on.
« So, yeah, some protocols have a chance to survive, but there are 1000s of coins in that group, and Doge is worthless, just tokens with no underlying meaning or use case that will eventually be lost, » Yusko explained. "They're pointless."
Bitcoin is up 98 percent in 2021. However, it has failed to grow by just over 2% in the last month.
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