The world’s number one cryptocurrency showed good enough results at the beginning of this year, gradually regaining its prior losses. The founder of Morgan Creek Capital Management investment company, Mark Jusko, believes that Bitcoin will surge to $400,000 or even $500,000 (from the current $7,000), the CryptonewsZ portal reports.
On Sunday, Bitcoin crossed the psychological $7,000 mark for the first time since last October. According to the financier, Bitcoin has the potential to achieve this high value; it is going to become the new gold, which means it will strive to achieve a market capitalization closer to gold at the moment. For reference, the total value of global gold is estimated at $7.4 trln: for comparison, Russia’s GDP is about $1.5 trln, and the US GDP is $19 trln.
However, Bitcoin’s current capitalization only slightly exceeds $100 bln, and the total digital currency market is worth $210 bln. Therefore, Bitcoin has the potential to grow to $400,000-500,000 – a 50-70 times rise.
Bitcoin is already considered digital gold and has all the qualities that can make it even more important than the precious metal everyone loves so much, Mark Jusko explained. Unlike gold, cryptocurrency is decentralized and easy to “transport,” and can be easily divided into smaller pieces.