Mark Yusko: Bitcoin is replacing Gold

Mark Yusko – American investor and philanthropist – has stated that bitcoin is replacing Gold, as a form of value. He made this known in an interview with cnbc.com.

“I believe bitcoin has and is replacing gold. It’s now digital gold. It’s a perfect store of value.” he said

The Chief Executive Officer at Morgan Creek Capital Management – is bullish about bitcoin, tipping the crypto asset to rise to $250,000 due to network growth and rising adoption levels.
According to him,

”This is a network and networks that grow in an exponential way. This is the fastest network in history to a trillion dollars of value, right on the heels of FAANGS that took, you know 15 to 20 years depending on which one you are looking at.”

Though, he is bullish about bitcoin’s long term future, he has however warned traders and investors to expect a consolidation in the coming months. This is contrary to what many experts think.

“There are a lot of people that think we could hit $100,000 by the end of the year. The stock-flow model says we should. I also wouldn’t be surprised of a little consolidation. Look, we’re up 40% this month which is only 15 days old.” He pointed out.

He continued by saying that a high number crypto investors will take profits this period, due to the recent sharp rally of the digital asset market. If this happens, bitcoin price will head south.