One Bitcoin investor called Mark Yusko believes Bitcoin price will move to $400,000 in future. Yusko who is the CEO of Creek Capital Management continued to say that Bitcoin can only increase in value. Mark Yusko see Bitcoin as self-sufficient and has the ability to disrupt banks due to its technological edge. One big advantage of Bitcoin has the ability to do transactions based on its Blockchain technology without seeking Banks approval to confirm transactions validity.
He sees the cryptocurrency to be moving in the right direction and having the ability to override banks. In his words: “Banks are sometimes very disappointing. You can go to a bank with a huge need on to find the bank saying that they have no money. This is why there is the possibility on Bitcoin and the likes of Ethereum to take over the financial sector.”
When Yusko was asked why he was so sure that Bitcoin would hit $400,000 his answer was simple: “If you took twenty mln Bitcoin totals and with today’s gold being 8 trillion, then the math will give you $400,000.”
Comparing Bitcoin to Gold, you find that currently, Bitcoin is about 11times more valuable than Bitcoin. With the world total Gold expected to fill about two Olympic swimming stadium and its current price shows you how Gold is expensive. Now with Bitcoin already better than Gold and with its price going up steadily, you expect it to cut a big chunk in the financial world.
Why banks should be very careful
Mark Yusko sees Bitcoin technology very disruptive especially due to its efficiency. This efficiency is what is giving Bitcoin the ability to replace banks in the coming future. As at now, Bitcoin seems to be having very few disruptions and very many positive things that are making it very competitive.
Digital currencies have had a very successful year. This is because the run has been very good so far. Looking at Bitcoin, its price was $600 at the beginning of the year and its now more than $14,000. The current value of Bitcoin is already more than $251,422,000 in total. This is obviously the most growing sector in the world currently.
In conclusion for banks to avoid being caught flat-footed, they should be studying the cryptocurrency market very carefully. They should also start trading in Bitcoin, and the rest since the technology seem to be favoring Cryptocurrency. Banks should also try to use to use the Blockchain technology to better their services. Instead of criticizing they should learn whats growing the cryptocurrency world.