During an interview with the CNBC, Morgan Creek’s CEO, Mark Yusko, said that the price of bitcoin would be in a parabolic phase, headed towards 30,000 dollars.
“I think we’re in the next parabolic move. That will take us probably into the $30,000 level before we get another little correction”.
In fact, between yesterday and today, the price has again exceeded 12,000 dollars and the current market cycle, according to Yusko, could bring the price to a new all-time high.
However, Morgan Creek’s CEO has not specified the time required to reach $30,000.
He also pointed out that since October 2018 bitcoin has been the most performing financial asset, pointing out that until now the price has risen by 70% since October 2018, i.e. before the collapse in November, while the stock market in the same period was rather flat.
“The path to $100,000 by 2021 is really quite easy to draw out”.
According to Yusko, the future for the traditional stock market would be sad and gloomy, as the stocks would be overvalued to date. In addition, incessant rumours about possible imminent interest rate cuts would indicate that the economy is weak, not strong.
Yusko’s colleague at Morgan Creek, Anthony Pompliano, had recently pointed out that gold is also outperforming stocks.
“Bitcoin’s price appreciated 55% during May, but more interestingly, the asset had a negative correlation to the S&P 500 (-0.9%) and gold (-0.8%). That means that as stocks and gold became less attractive, Bitcoin was becoming more attractive”.