Hedge fund manager, Mark Yusko says Bitcoin (BTC) hit US$150,00 in the 2023 calendar year.
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The Morgan Creek Capital Management CEO and Chief investment officer disclosed this to CNBC’s “Fast Money” this week.
“Bitcoin is the king. It is the dominant token. It is a better form of gold,” he said.
Mark Yusko believes that investors should have at least 1% to 3% allocated to bitcoin in their portfolios.
“The law of large numbers comes in. I think it can go up 10x from here easily over the next decade,” added Yusko.
He lists bitcoin exchange-traded funds, which were launched in January, as a major bullish driver for the cryptocurrency. Yusko expects the bitcoin halving to lead to a supply shock resulting in another round of major tailwinds for the flagship crypto.
Bitcoin has risen over 150% over the past year, surpassing the US$73,000 mark earlier in March. It has since dropped to near US$60,000 and is at US$70,183.22 at the time of this report.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
