Mark Yusko, founder and CEO of Morgan Creek Capital Management, recently told CNBC that Bitcoin is trading in an overbought position these days and investors will start to take profits.
Yusko, also known as a Bitcoin advocate, argued that investors will profit from the sharp recovery seen in BTC over the past few weeks.
Stating that Bitcoin is the “best form of value”, the CEO stated that Bitcoin will rise to $ 250,000 in five years, but there may be ups and downs in the price of BTC on this path.
The famous CEO continued by stating that Bitcoin is superior to gold due to its limited supply and that when BTC reaches $250,000, its market value will also equal gold:
Classic supply and demand. One of the nice things about Bitcoin is that it has a limited supply. We know how much Bitcoin will be mined by mining over the next 140 years.
I believe Bitcoin has replaced gold. Bitcoin is now digital gold. It’s an excellent value.
These Levels Are Hard To Maintain!
While many investors and analysts predict that Bitcoin could reach $100,000 before the end of the year, Yusko takes a less optimistic stance on its year-end forecast.
Expressing that Bitcoin has been on the rise for a long time and it may be difficult to maintain this level, Yusko stated that it would not be a surprise if the BTC price started to decrease after this rise. “There is a risk of buying the rumors, selling the news” said.
After its strong rally to over $60,000 earlier this year, Bitcoin plunged sharply below $30,000 a few months ago. The leading cryptocurrency, which is currently trading at $62,100, has surpassed $60,000 for the first time since April.
*Not investment advice.