Veteran Hedge Fund Manager Believes Bitcoin Will Replace Gold

Mark Yusko, a longtime hedge fund manager at Morgan Creek Digital, believes Bitcoin will replace gold in the near future.

One experienced hedge fund manager thinks Bitcoin (BTC) could one day replace gold and claims the price of the leading cryptocurrency will reach six figures. 

In a recent interview with Stansberry Research, Mark Yusko, a longtime hedge fund manager at Morgan Creek Digital, predicted that China will become the home of the next global reserve currency, but that Bitcoin (BTC) would replace it soon thereafter.

He stated that “every central bank in the world has gold, some of them have less than they used to because they moved off the gold standard and went to a fiat standard where they could devalue the currency faster because they had too much debt, but where is the gold going? It’s going to China, which I believe will be the next global reserve currency, [but] it’ll eventually be Bitcoin.”

Yusko predicts that Bitcoin will eventually replace gold because of its greater ease of division and transportation. He uses the current price of gold to predict a long-term price of almost $250,000 BTC.

He added:

“$5 trillion, the monetary value of gold, roughly equals $250,000 price per Bitcoin. Now, it won’t all happen tomorrow, but over time it’s going to happen.”

Performance of Bitcoin Is Affecting the Market

Mining money collected by players in the industry has been severely impacted by Bitcoin’s (BTC) poor market performance, considering BTC is the major cryptocurrency by market capitalization. 

Growing network complexity and a greater computational demand have contributed to a steady fall in the revenue over the past two years

Mike Novogratz, a billionaire investor, recently predicted during an interview with Bloomberg, that the cryptocurrency’s price would reach $500,00, but also claimed that the results might be delayed for next 5 years because the Federal Reserve and other central banks are increasing interest rates to rein in inflation. 

Novogratz added that the Federal Reserve head Jerome Powell had discovered recently “his central banking superpowers.”