Mark Yusko, the founder and CEO of Morgan Creek Capital Management, a prominent investment firm, has reiterated his bullish outlook on Bitcoin, the leading cryptocurrency by market capitalization. Yusko expects Bitcoin to reach $100,000 by 2024, following its next halving event, which will reduce the supply of new bitcoins entering the market.
Yusko based his prediction on the historical trends of Bitcoin, which has seen its price increase by a factor of 10 after each halving cycle. The halving is a pre-programmed event that occurs every four years, or after 210,000 blocks are mined, and cuts the reward that miners receive for validating transactions by half. The halving mechanism is designed to control inflation and ensure that only 21 million bitcoins will ever exist.
According to Yusko, Bitcoin’s fair value is currently $100,000, even though it is trading at around $26,000. He believes that the cryptocurrency will experience a rapid surge after the halving, which he calls a “parabolic blow-off top”. He also cited the growing adoption of Bitcoin by institutional investors, such as BlackRock, the world’s largest asset manager, which recently filed for a Bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC).
Dimon slams crypto as a tool for criminals and terrorists
However, not everyone shares Yusko’s enthusiasm for Bitcoin and crypto. Jamie Dimon, the CEO of JPMorgan Chase, the largest bank in the US, has renewed his attacks on cryptocurrencies, saying they should be banned because they are mainly used for criminal activity. Dimon made his remarks before the Senate Banking Committee on Wednesday, where he faced questions from Senator Elizabeth Warren, a vocal critic of Wall Street.
Dimon said that he has always been deeply opposed to crypto, bitcoin, and the like, and that the only true use case for them is for criminals, drug traffickers, money launderers, tax evaders, and terrorists. He cited the example of Hamas, a pro-Palestine militant group, which reportedly used Bitcoin to fund its operations. Dimon also said that if he was the government, he would close down crypto.
Warren agreed with Dimon’s stance and said that crypto companies should face the same anti-money laundering regulations as the major financial institutions. She also pointed out that crypto poses a threat to the stability of the financial system and the environment, due to its high volatility and energy consumption.
Yusko defends crypto as a revolutionary technology
Yusko, however, defended crypto as a revolutionary technology that has the potential to transform the world of finance and beyond. He argued that crypto is not only a form of money, but also a platform for innovation and creativity. He said that crypto represents the emergence of Web3, a new paradigm of the internet that is decentralized, open, and user-centric.
Yusko also challenged Dimon’s claim that crypto is only used for illicit purposes, saying that the same argument could be made for cash, which is widely used by criminals and terrorists. He said that crypto transactions are transparent and traceable, unlike cash transactions, which are anonymous and untraceable. He also said that crypto is more secure and efficient than the traditional banking system, which is prone to fraud, corruption, and inefficiency.
Yusko also dismissed Dimon’s threat to close down crypto, saying that it is impossible to stop a global and decentralized movement that has millions of supporters and users. He said that crypto is here to stay and that it will continue to grow and evolve, regardless of what the government or the banks do or say.
