Metcalf’s law will push Bitcoin to $ 100,000

The price of bitcoin can easily fly up to the levels of $ 50-100 thousand in the next two years. This was stated by the head of the institutional fund for managing digital assets of Morgan Creek Digital Mark Yusko in an interview with BlockTV.

He bases his conviction in the coming rally of the first cryptocurrency on Metcalf’s law.

“If you think about the growth of the network from the point of view of Metcalf’s law, then you may find that the price can easily be between $ 50,000 and $ 100,000 somewhere in 2020 or 2021. This is quite a wide range, but it seems to me that the main difficulty in predicting the price is that it does not reflect the true value, ”said Yusko.

So, CEO Morgan Creek is sure that in December 2017, when Bitcoin reached historic highs of $ 20 thousand, its true value was $ 10-11 thousand.

At the end of last year, when the first cryptocurrency fell to about $ 3 thousand, in Yusko’s opinion, its fair price was about $ 13-14 thousand.

“We still believe that the intrinsic value of Bitcoin is determined by Metcalf’s law and the spread of cryptocurrency among users, which corresponds to the level of $ 15,000–17,000,” the head of the foundation noted.

He also stressed that the new rally will be due to the emergence of a large number of speculators who want to become market participants, and the network effect.

Yusko is not the first to predict Bitcoin reaching $ 100,000. Only recently, similar thoughts were expressed by the head of Kraken, Jesse Powell, and analysts Naim Aslam and Peter Brandt.

Leave a Reply

Your email address will not be published. Required fields are marked *

*