In an interview conducted by Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, Mark Yusko, CEO, Founder, and Chief Investment Officer of Morgan Creek Capital Management, delves into the potential, advantages, disadvantages, and anticipated approval timeline of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC).
During the conversation, Yusko provides insights into Bitcoin’s present “fair value,” the significance of the 2024 halving event, and his projections for price trends leading up to mid-summer 2024. Furthermore, Yusko offers his perspective on the recent advancements involving Sam Bankman-Fried, FTX, and Tether. Continue reading for an extract of the video and watch it in full here:
Michelle: Many are wondering if it’s really such a good thing. Could it hurt Bitcoin’s decentralised money mission especially considering that it was initially intended to be peer-to-peer money?
Mark: Not in the least. I don’t know what maximalist would make that argument because that means they don’t really understand how Bitcoin works. Its custody has nothing to do with how it’s organised on the blockchain. If I own a Bitcoin on the blockchain it’s mine and doesn’t matter where I custody it. If you own a Bitcoin on the blockchain it’s yours. That’s the beauty of triple entry accounting, that’s the genius of Satoshi and the system, so this idea that somehow custody equals centralisation is just a silly concept.
Michelle: If the Blackrock spot Bitcoin ETF gets approved, what do you anticipate in terms of price reaction?
Mark: It will go up a lot. There’s a limited supply which isn’t just limited by Satoshi himself to 21 million, which actually isn’t 21 million – it’s less because there’s lost and stolen. It’s the fact that there are so many people who will never part with their Bitcoin because they can’t. The Satoshi wallet can’t move because it appears it was a multi-sig and at least one of the people has passed away or people just don’t want to sell….the free float of the network is really small.
Michelle: I’m looking for a number. Let’s call it a July 2024 forecast for Bitcoin.
Mark: It doesn’t mean I’m right, but I have a logic for where I think the price is going to go and why I think it’s going to go there. I certainly think that the spot ETF is going to impact this, but the primary reason for the movement in the price is the halving cycle… between $100K and $150K by middle of 2024 seems like a rational response to the halving and the potential increase in demand from a spot ETF.
Watch the video now and don’t miss Mark’s thought-provoking views surrounding the FTX scandal in this revealing interview.
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