bitcoin and shared his optimistic views on cryptocurrency markets. Yusko suggested that the developments experienced were a transition to an ascension phase.
One of the popular names in the crypto money world. Mark Yuskobelieves that the ongoing rally in Bitcoin is just the beginning of a larger bull market driven by the four-year cycle surrounding the BTC halving event.
The Bitcoin network halves every four years, the block rewards on the blockchain are reduced by 50% with this halving. According to Yusko, the next halving event is expected to occur in April 2024, leading to a period of accumulation before a potential speculative explosion. This boom could be followed by a downside overreaction, commonly known as the “crypto winter.”
Yusko highlighted the most important use of BTC, claiming that its asset could replace gold as the base layer of money. Yusko sees BTC as digital gold with the potential to fulfill the role that gold has played for thousands of years. Gold has traditionally served as the basis of currency and fiat currencies are built on it, backed by debt. Yusko sees the permanence, divisibility and immutability of BTC as advantages that make it suitable to serve as the foundation layer of new money in the future.
While Yusko is bullish on Bitcoin, he sees Ethereum and other blockchain applications as potential substitutes for fiat currencies rather than direct competitors to Bitcoin’s role as digital gold.
You can follow the current price action here.