Bitcoin could potentially reach new all-time highs, according to Mark Yusko, founder of Morgan Creek Capital. He believes that two key catalysts will contribute to this surge:
- -The upcoming halving event
- -The potential approval of a spot-based Bitcoin exchange-traded fund (ETF).
Yusko projects that the fair value of Bitcoin will be $100,000 by the middle of summer next year, bolstered by the halving. However, he suggests that the price won’t stop there and may further soar to around $150,000 due to speculation, timing and approval of a Bitcoin ETF, adoption rates, and the amount of leverage in the market.
Yusko also highlights the impact that US financial advisors using ETFs could have on Bitcoin. With $30 trillion under their control, even a tiny allocation of 1% to Bitcoin ($30 billion) could significantly boost the price due to the relatively limited free float of Bitcoin, potentially leading to substantial growth for the cryptocurrency.
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