Mark Yusko, the founder and the CEO of the North Carolina-based investment firm Morgan Creek Capital Management, which has $3.7 billion in assets under management, has said that Bitcoin price will reach $400,000 in the long-term.
Mark Yusko, the founder and the CEO of the North Carolina-based investment firm Morgan Creek Capital Management, which has $3.7 billion in assets under management, has said that Bitcoin price will reach $400,000 in the long-term.
After taking a steep dive, today’s Bitcoin price is at $6,718, with a market cap of $112 billion. Bitcoin, the cryptocurrency formed by Satoshi Nakamoto first arrived on the scene in 2009, but it took Yusko a few years to get wise to the trend.
“I first heard about [Bitcoin] in late 2010 and 2011 when a friend of mine, Dan Morehead was starting up Pantera and some of our venture capital funds started paying around in this space,” Yusko said. Yusko explained that back then he would come across Bitcoin occasionally, once every few months, and eventually he decided to make an investment. In hindsight he regrets choosing the “picks-and-shovels”
“If you are in a gold rush, you have a choice you can go after the gold,” he said, noting that he had no assurance of momentum that Bitcoin would be a winner.
“We chose to invest in venture capital projects that went on to become Coinable,” he Yusko said. “It would have been better off if I had bought the coin [Bitcoin] itself.”
