Morgan Creek CEO says the fair price of the main crypto coin should be $30,000
The CEO of the Morgan Creek investment company, Mark Yusko, is confident that the current price of bitcoin is not very fair, despite forecasts that the price of BTC will likely fall below $18,000. The crypto enthusiast believes that the “fair value” of the coin should reach about $30,000.
According to the expert, a 2-fold reduction in the reward for mining the first cryptocurrency will be a prerequisite for the growth of the asset’s rate.
“When the bitcoin market gets to the summer, we will get the next bull trend, and I assume that this will happen in anticipation of the next halving in 2024,” Yusko predicted.
He argues that the stage of falling prices and uncertainty has ended, spring has come, and with it the recovery of the exchange rate.
“If you look at the last two cycles, you will see that the number of days of cryptowinter and spring repeats. Spring can last for months, but we don’t need an immediate bullish trend,” Yusko said.
But the head of Pantera Capital, Dan Morehead, believes that with the start of the liquidation of crypto assets of debtors, the fall of the entire market will accelerate, and then growth will begin. According to the top manager of the company, the digital asset industry has almost reached the bottom.
“I think we are really close to the end of the market crisis. Thanks to leverage, especially with smart contracts in DeFi, everything sells out pretty quickly. The market has been falling for eight months now. We observed the most severe manifestations of the crisis in November, May and June. There are companies that are in the process of liquidation in bankruptcy court. We seem to have seen everything we should have,” Morehead said.
He also noted that there have been “some failures in the DeFi ecosystem, but almost all of them are related to centralized lending to counterparties” that are “actually banks.”
“Some of these organizations took short-term deposits and acted like banks. In essence, these are centralized lending companies that have failed, and almost all DeFi protocols have performed very well, ”summed up the head of Pantera Capital.
Do you agree with the experts’ opinion?
