Mark Yusko, the Chief Executive Officer and Founder of Creek Capital Management had recently made his feelings about Bitcoin known. He predicts that not only shall BTC be in a position to be considered as a legitimate rival to gold in terms of monetary value soon, but he also strongly believes that BTC could increase to over $200,000 in the next respective market cycle.
Creek Capital Management is a firm specializing in investment management and offers advice as far as endowments, pension funds, wealthy and high-net-worth individuals, and other related aspects may be concerned. Mark Yusko has certainly drawn a lot of attention for his recent comments regarding Bitcoin, especially as the world’s flagship cryptocurrency has yet to reach the $60,000 mark and is currently trading at just over $58,860 as of this time.
Comparison to FAANG companies
It had been during the ‘Trading Nation’ on CNBC that Yusko had compared BTC’s continued adoption to that of the growth exhibited by the FAANG companies, which essentially refers to Facebook, Amazon, Apple, Netflix, and lastly, Google.
Yusko went on to say that cryptocurrency may be understood as a network, and all networks tend to experience growth in different yet exponential ways. He then claimed that cryptocurrencies are the quickest network as far as anyone can remember to reach over a trillion dollars in accumulated value, which makes the FAANG companies look dull by comparison as it took them 15-20 years in order to reach the same milestone.
Moreover, Yusko has also stated that Bitcoin shall be transformed into a base layer protocol, which is to be utilized by the IoV (Internet of Value). Through this prediction, Yusko has likened BTC to that of the TCP/IP, which is a standard protocol that enables computers to be able to connect and subsequently share data all over the Internet.
Yusko’s opinion on altcoins
As far as the recent success of certain altcoins such as ETH, LTC, ADA, BNB, and DOGE (all of which are in the top 10 ranked cryptocurrencies at the moment) are concerned, Yusko remains adamant that these will simply not matter in the long run.
The reason for this opinion is because Yusko believes altcoins to be little more than utility tokens that lack a use case as well as any underlying intrinsic value. He concluded by stating that many of these types of altcoins will most likely disappear in the future.