Bull Cycles Will Likely Propel BTC to $400,000: Morgan Creek CEO – Bitcoin, XRP, Ripple, Cardano Updates
From a six-figure Bitcoin prediction to a potentially game-changing prototype for Cardano, here’s a look at some of the stories breaking in the world of crypto.
The CEO of Morgan Creek Capital Management says he believes Bitcoin’s fundamentals will fuel explosive growth for the leading cryptocurrency over the next 10 years.
In a new interview with Business Insider, Mark Yusko says the number of users on the network and the rising number of Bitcoin wallets is key. According to Blockchain.com, the number of BTC wallets rose sharply in 2019, from 31,422,703 at the start of the year to 44,207,970 at time of publishing.
Yusko also says he believes Bitcoin is a viable alternative to fiat currency, comparing its total supply of 21 million coins to the seemingly endless printing of money by governments around the world.
In the long run, Yusko predicts a new parabolic rally for Bitcoin by 2021, and says that number could increase by a factor of four or five by 2030.
“Between now and 2021, we’re likely to see $100,000 Bitcoin.
By 2025, we’re likely to see $250,000 Bitcoin, and then sometime out 2030 we could see $400,000 or $500,000 Bitcoin as it reaches gold equivalence.”
Morgan Creek Capital currently has $1.5 billion in assets under management.
The company launched Morgan Creek Digital in 2018 to offer institutional investors a way to gain exposure to cryptocurrencies and invest in enterprises that are building on crypto and blockchain technology.
Ripple and XRP
The cryptocurrency trading platform Luno is exploring the addition of XRP in Malaysia.
The company’s general manager of Southeast Asia, David Low, says the third-largest cryptocurrency by market cap could debut on the exchange as early as next year, reports The Malaysian Reserve. He also cites Ripple’s efforts to use the crypto asset to power cross-border remittances.
“It is definitely a possibility we are exploring. However, it is not yet listed on Luno…
Ripple also has a remittance use case which we are excited about. That’s why we want to introduce it to Malaysians, as it allows people on the platform to access and learn about it, and figure out new ways to use this technology for their benefits.”
Luno is one of three exchanges that has been approved to sell crypto assets in the country.
Cardano creator Charles Hoskinson is promoting a new low-power prototype that he says could help power the network using a small amount of energy.
The Cardano Rock is designed to give people a way to run staking nodes on Cardano. It runs on the Linux operating system and uses about $30 of electricity per year.
Hoskinson says the device highlights the energy efficient nature of the Cardano blockchain.
“10 kilowatts of power to run a global social operating system with billions of users and transactions. That’s the power of Cardano.”