According to American investor and hedge fund manager Mark Yusko, the price of Bitcoin is BTCUSDthe largest cryptocurrency, could potentially rise to $150,000 this year.
At press time, the flagship cryptocurrency is changing hands just above the $70,000 mark.
In a recent interview with CNBC, the hedge fund manager praised the cryptocurrency as a superior form of gold while explaining his bullish stance.
Yusko believes the price of the cryptocurrency could end up rising well above $150,000. In fact, he has predicted that the flagship coin could rise to as much as $700,000 by the end of the next decade.
Investors' bullish case for Bitcoin appears to be largely based on the upcoming halving event, which is expected to occur next month.
Despite the fact that the benchmark coin has already experienced a massive rally following the approval of several spot exchange-traded funds earlier this year, Yusko believes that a larger rally will occur after the halving.
He noted that based on historical data, the price of Bitcoin tends to peak months after the event, meaning fireworks can be expected by the end of 2024.
Yusko has been a long-time Bitcoin bull. For example, he predicted that the price of the largest cryptocurrency could reach a whopping $400,000 as early as 2019.
In 2021, he said that a Bitcoin price of $250,000 would be the monetary value of the “gold equivalent.”
In early March this year, the largest cryptocurrency surpassed silver by market capitalization after its valuation reached $1.4 trillion. However, there is still a long way to go before we can catch up with the yellow metal.
The cryptocurrency also has yet to surpass major companies like Alphabet and Apple in terms of market capitalization.
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