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After setting a new record last month when the crypto soared past $64,000, Bitcoin appears to be struggling to retake the $60,000 level. BTC appears to have been stuck between the $54K and $58K range lately and traded at $55,682 at the time of writing based on Coinmarketcap.
However, Mark Yusko remains bullish on the crypto’s long-term prospects. In a recent interview with CNBC, the Morgan Creek Capital Management CEO and cofounder predicted that Bitcoin could soar as high as $250,000 in the next five years.
“It’s just about network adoption and increased usage,” Yusko said on CNBC’s “Trading Nation” on Friday. “This is a network and networks grow in an exponential way. This is the fastest network in history to a trillion dollars of value, right on the heels of the FAANGS that took, you know, 15 to 20 years depending on which one you look at.”
Yusko based his $250,000 BTC price prediction on the equivalence of gold market markets, which is estimated at $4 trillion, according to Bitcoin.com. If Bitcoin, which many have described as digital gold, could capture even a portion of the precious metal’s market, then Yusko believes that BTC has the potential to even go as high as $1 million per coin.
“What people miss is this is a technological evolution of computing power that isn’t going away,” the CEO added. “It is a powerful computing network that is going to become the base layer protocol for the Internet of value.”
Yusko was also asked about Ethereum (ETH) and Dogecoin (DOGE), which have outperformed BTC recently. However, he believes that only a few cryptos would likely survive but DOGE is probably not one of them.
“So, yes, there’s room for a couple of protocols to survive, but there are 1000s of coins - and Doge is in that category - that really are useless, they’re just utility tokens that have no underlying value or use case and they’ll eventually disappear,” he explained.
