Hedge fund manager Mark Yusko expects Bitcoin to double this year to $150,000.
“Get away from zero,” Morgan Creek Capital Management's CEO and chief investment officer told CNBC's Fast Money this week.
Yusko believes that investors should allocate at least 1% to 3% to Bitcoin in their portfolios. “Bitcoin is king. It's the dominant token. It's a better form of gold,” he said.
As of the stock market close on Thursday, Bitcoin It has risen by about 159% over the past year. It topped $73,000 earlier in March, but was trading at around $70,700 on Thursday evening.
“The law of large numbers has emerged. I think it could go up 10-fold from here easily over the next decade,” Yusko added.
He lists Bitcoin exchange-traded funds, which launched in January, as a major bullish driver for the cryptocurrency. Yusko expects the Bitcoin halving to lead to a supply shock that will lead to another round of major tailwinds for major cryptocurrencies.
The halving, which cuts the Bitcoin mining reward in half to limit supply, is expected to take place in late April.
“The big step happens after the halving,” Yusko said. “It starts to become more…parabolic at the end of the year. And historically about nine months after the halving, so sometime around Thanksgiving and Christmas, we see the price peak before the next bear market.”
Yusko also has an online cryptocurrency trading platform Coinbase. “We think there are big things ahead for Coinbase,” he said.
Coinbase shares are up nearly 321% over the past 12 months.
Disclosure: Yusko owns Bitcoin, Ethereum, Gold, Coinbase, and Nvidia.
