CNBC Hedge fund manager Mark Yusko, managing director and chief investment officer at Morgan Creek Capital Management, is very optimistic about the development of the course for the cryptocurrency Bitcoin, he wrote on Saturday.
In fact, he's so optimistic that he believes the price will actually double within the year, reaching more than $150,000. Not only that, Yusko also believes that cryptocurrency will increase tenfold in the next ten years.
At the time of writing, one bitcoin is trading for just over $70,000, up 159 percent in the past year.
1-3% of the portfolio
According to CNBC, the manager believes investors should allocate at least 1 to 3 percent of their portfolios to bitcoin.
“Bitcoin is king. It's the dominant cryptocurrency. It's a better form of gold,” he told CNBC, among others.
“The great law of numbers is coming into play,” he added. “I think it could easily rise 10 times from this level in the next few decades.”
Bitcoin exchange-traded funds
The optimism is said to be caused, among other things, by the fact that listed Bitcoin funds were launched in January, and that the upcoming Bitcoin halving may lead to a supply-side shock.
The halving, a programmed reduction in Bitcoin mining profits using computers, is expected to take place at the end of April.
“The big move happens after the halving,” he reportedly continued, before noting that historically the price would be able to peak by Christmas before the next bear period, i.e. the period in which the price pulls back and stays low in anticipation. of the next recovery.
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