Hedge Fund Veteran Mark Yusko Predicts Bitcoin Will Replace Gold, Reveals Massive BTC Price Target
A veteran hedge fund manager says Bitcoin (BTC) will eventually replace gold, and predicts the royal crypt will hit a six-figure price tag.
In a new interview with Stansberry Research, veteran hedge fund manager Mark Yusko of Morgan Creek Digital predicts that China will be home to the next world reserve currency, but that Bitcoin (BTC) will replace it sooner than later.
“There is only one money in the world: gold. Everything else is credit, everything else is a currency. Currency is covered by debt.
All central banks in the world have gold, some of them have less than they used to because they moved off the gold standard and went to a fiat standard where they could devalue the currency faster because they had too much debt, but where is the gold going? It goes to China, which I believe will be the next global reserve currency, [but] it eventually becomes Bitcoin.
In the future, Bitcoin wins because it is an asset that exists in the absence of a liability, which is what the definition of money is.”
Yusko says that BTC is on its way to replacing gold, mainly due to its superior divisibility and portability. Based on the monetary value of gold, he sets a price target of roughly $250,000 BTC in the long term.
“And so [BTC] is superior to gold. If I had a gold bar and I wanted to split it three ways, I couldn’t hit it on the table and give you each third, that’s too hard to do. And I couldn’t put it into my computer and send it to you.
But if I wanted to send you Bitcoin, I push a bunch of buttons, and boom, I could split a Bitcoin into three parts and send you both a third, easily. So it has advantages of being more portable and more divisible than gold, so I think it will eventually replace gold.
$5 trillion, the monetary value of gold, equates to roughly a $250,000 price per Bitcoin. Now not everything will happen tomorrow, but over time it will happen. “
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