Bitcoin Bull Market Set to Surge, Yusko Predicts Crypto Blow Off

• Mark Yusko, CIO of Morgan Creek Capital, believes that Bitcoin and the crypto markets have entered into a bull market territory.
• According to Yusko, Bitcoin is poised to replace gold as the base layer of money due to its portability and divisibility.
• He predicts that there will be a “speculative blow off” following the halving event next April.

Mark Yusko Predicts Crypto Rally and “Speculative Blow Off”

Morgan Creek Capital founder and CIO Mark Yusko says that Bitcoin ( BTC ) and the crypto markets have now entered bull territory. In an interview with CNBC, he states that this rally is just getting started and it could last until next year’s halving event when BTC goes through its next reduction in block rewards.

Bitcoin Replacing Gold as Base Layer of Money

Yusko believes Bitcoin is poised to replace gold as the base layer of money due to its portability and divisibility. He sees Ethereum more as a fiat currency replacement rather than money itself. At time of writing, Bitcoin was trading for $30,787.

Crypto Summer Seasonal Period

Yusko also discussed the seasonal period known as crypto summer which occurs every four years around something called the halving – where block rewards for the blockchain change every four years creating a period of accumulation leading up to it. After this event, he anticipates a speculative blow-off followed by an overreaction on the downside dubbed ‘crypto winter’.

Timeline for Speculative Blow Off

The timeline predicted by Yusko suggests that we are in store for significant price action before next April’s halving event; with a speculative blow-off expected afterwards before cooling off again in what he calls ‘crypto winter’ phase.

Disclaimer

It is important to note that opinions expressed in The Daily Hodl are not investment advice – investors should do their due diligence before making any high-risk investments in Bitcoin or cryptocurrency or digital assets as losses can be incurred.