Coin Edition -
- Mark Yusko believes investors will convert more money from fiat to Bitcoin in 2024 than in the previous 15 years.
- Yusko expects an influx of $300 billion into Bitcoin this year.
- According to Yusko, human activities will sustain the cyclic nature of the Bitcoin market.
The managing director of Morgan Creek Capital Management, Mark Yusko, believes investors will convert more money from fiat to Bitcoin in 2024 than the previous 15 years of Bitcoin’s existence. Mark made the statement during an interview with Austin Arnold on the latter’s crypto YouTube channel, Altcoin Daily.
In a recently uploaded video, Yusko noted he expects over $300 billion to be converted into Bitcoin this year. Despite the influx of investment this year, the investing expert believes there will be more significant bull runs for Bitcoin. He thinks human activities will sustain the cyclic nature of the Bitcoin market.
Meanwhile, the renowned investor acknowledged the potential impact of the newly launched ETFs on the current bull cycle. According to him, the ETFs are a new way of getting demand for Bitcoin that will exacerbate the current bull run. He further noted that every bull cycle in history comes with an avenue to attract fresh demand into the Bitcoin ecosystem.
Although Yusko believes Bitcoin is a technological evolution that will continue to progress, he thinks there is little external interest from people outside the ecosystem. The investment expert also believes layer-1 protocols could represent the next big trend in the crypto industry, even though none beat Bitcoin in robustness.
Per his profit-taking strategy in the current bull cycle, Yusko explained that from a venture capitalist perspective, he targets between January and June 2025 as a profit-taking period as the next crypto winter approaches. He further noted his preference for Bitcoin over Ethereum, arguing that the former is a more ideal form of money. However, Yusko predicted Ethereum would likely outperform Bitcoin in the current rally. He thinks the top altcoin would rally between $10,000 and $15,000 during the developing bull run.
The post ETFs Will Create New Demand For Bitcoin and Exacerbate The Current Bull Run: Yusko appeared first on Coin Edition.