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Bitcoin Price Will Hit $500,000 Cause it Beats Gold: Hedge Fund Chief

Harsh Chauhan
Bitcoin's limited supply, its ease of use and a number of other factors make it a better asset than gold, according to Mark Yusko. Source: Shutterstock

By CCN: The bitcoin bull market is here, as the price of the flagship cryptocurrency has shot through $7,400 and it seems all set to go higher.

Chart showing the bitcoin price rally.

Bitcoin has broken through the $7,000 mark | Source: CoinMarketCap

Bitcoin bulls estimate that the price of each coin could hit $20,000 very soon thanks to rising demand. But there are some who believe that the price of bitcoin could very well go on to hit cool six-figure sums in the future, including Morgan Creek Digital CEO Mark Yusko.

Yusko’s yummy bitcoin price forecast

Morgan Creek Digital is an asset management firm that invests in the blockchain industry, and its co-founder is a well-known bitcoin bull with big price estimates.

In a recent interview with BloxLive TV, Yusko said that the price of bitcoin could eventually hit $500,000 thanks to its scarce supply, increasing demand, and advantages over a safe-haven investment such as gold.

According to Yusko, there’s $7.4 trillion worth of gold in the world. He believes that bitcoin is a much better asset than gold because it can be transferred easily and divided into smaller parts. To arrive at his forecast, Yusko equated the gold market’s value to that of the digital asset. He said:

Read the full story on CCN.com.