Mark Yusko, the founder and CIO of Morgan Creek Capital, believes that Bitcoin (BTC) and the cryptocurrency markets have entered a bullish phase, signaling a positive outlook.
During a recent interview with CNBC, Yusko expressed his view that Bitcoin and the crypto markets are currently experiencing the initial stages of a promising bull market.
This upward trend is expected to continue until next year, coinciding with BTC’s upcoming halving event.
Yusko further explained the cyclical nature of the halving, which occurs every four years, causing changes in the block rewards for the Bitcoin blockchain.
He described this period as a phase of accumulation leading up to the halving, scheduled for April next year.
Following the halving, a speculative surge typically occurs, followed by a subsequent downturn known as crypto winter.
Regarding Bitcoin’s primary use case, Yusko emphasized its potential to replace gold as the fundamental layer of currency.
He described Bitcoin as a digital equivalent of gold, fulfilling the role that gold has held for thousands of years.
According to him, gold represents the base layer of currency, while government-backed currencies built on debt function on top of this foundation.
However, gold’s limitations in terms of portability and divisibility are overcome by Bitcoin’s immutable ledger, which positions it as the foundation for future finance.
Yusko also mentioned the potential role of other blockchain applications, such as Ethereum, but primarily as a replacement for fiat currency.
As of now, the trading price of Bitcoin stands at $30,628. Support is at $28,400 while resistance is at $32,100.
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