Hedge Fund Veteran Mark Yusko Predicts Bitcoin Will Replace Gold, Reveals Massive BTC Price Target
A veteran hedge fund manager says bitcoin (BTC) will eventually replace gold and predicts the king crypto to hit six figures.
In a new interview with Stansberry Research, Morgan Creek Digital’s veteran hedge fund manager Mark Yusko predicts that China will be home to the next world reserve currency, but that Bitcoin (BTC) will replace it soon after.
“There is only one money in the world: gold. Everything else is credit, everything else is currency. The currency is backed by debt.
Every central bank in the world has gold, some of them have less than they used to because they got off the gold standard and went to a fiat standard where they could devalue the currency faster because they had too much debt, but where is the gold ? walk? It’s going to China, which I think will be the next global reserve currency, [but] it will eventually be bitcoin.
Going forward, bitcoin wins because it is an asset that exists without liability, which is the definition of money.”
According to Yusko, BTC is on track to replace gold, primarily due to its superior divisibility and portability. Based on the monetary value of gold, he sets a long-term price target of around $250,000 BTC.
“And so [BTC] is superior to gold. If I had a gold bar and wanted to split it into three parts, I couldn’t slap it on the table and give each one a third, that’s too heavy. And I couldn’t put it in my computer and send it to you.
But if I wanted to send you bitcoin, I push a few buttons and boom, I could split a bitcoin into three and just send you both a third. So it has advantages in that it’s more portable and shareable than gold, so I think it will eventually replace gold.
$5 trillion, the monetary value of gold, equates to approximately $250,000 price per bitcoin. Well, it’s not all going to happen tomorrow, but over time it will. “
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