Bitcoin is being endorsed by a growing number of institutional investors who consider it a valuable alternative to gold. Easy to sell and divide, easy to store, BTC has been growing fairly quickly this year and the predictions of the long term are much higher than the current $ 13,000 price. It is considered a long term game, while it is also providing short term benefits. All other cryptocurrencies, generally named Altcoins, are lagging behind, although experts believe they will catch up.
With a sudden 11% surge, Bitcoin (BTC) price reached $13,000 on Jul 09. The value had been consolidating around $11,500 after recovering from a dip into four figures last week. Its dominance is trending above 66%. Therefore, investors holding predominantly Altcoins are in trouble. BTC is responsible for almost 85% of the $26 billion that just entered the crypto markets. The top three crypto-assets after Bitcoin have gained less than 3 percent each.
Mark Yusko, the CEO and Chief Investing Officer of Morgan Creek Capital Management, is pessimistic about the general stock market but considers Bitcoin the best-performing asset since October 2018. He believes that stock markets will have a significant readjustment, but on the contrary, BTC will reach probably the $30,000 level before we get another correction. Morgan Creek Capital Management and Mark Yusko are major players in the world of institutional investors and hedge funds.
Four different experts believe Bitcoin (BTC) will be a viable alternative to gold. Max Keiser has been calling for a $100,000 Bitcoin price for a long time, taking away market share from gold. The RT financial commentator believes this transition will also follow the current Federal Reserve’s policy. By debasing the dollar, the Federal Reserve risks igniting superinflation, and so is driving investors toward Bitcoin. Fundstrat’s Tom Lee notices that BTC has shot up this year despite the global economic turmoil, which shows that investors are willing to park their funds in Bitcoin to protect capital. Block.One’s Brendan Blumer believes that it is an excellent alternative to gold because it can be easily transferred and can be split into smaller units. Hedge fund chief Mark Yusko estimates that Bitcoin could hit a price of $500,000 in the long run. His prediction takes into account the gold market’s capitalization of $7.4 trillion and the limited supply of the cryptocurrency. BTC is a long-term play.