According to American investor and hedge fund manager Mark Yusko, the price of Bitcoin BTCUSDthe largest cryptocurrency, could reach $150,000 this year.
At the time of this publication, the flagship cryptocurrency is changing hands slightly above the $70,000 level.
During a recent interview with CNBC, the hedge fund manager touted the cryptocurrency as a superior form of gold while explaining his bullish stance.
Yusko is convinced that the price of the cryptocurrency could end up rising well beyond $150,000. In fact, he has predicted that the flagship coin could reach $700,000 by the end of the next decade.
Investors' bullish case for Bitcoin appears to be largely based on the upcoming halving event, which is expected to occur next month.
Even though the leading currency has already seen a massive rally following the approval of several spot exchange-traded funds earlier this year, Yusko believes a bigger rally will occur after the halving event.
He has pointed out the fact that the price of Bitcoin tends to peak months after the event based on historical data, meaning some fireworks are expected by the end of 2024.
Yusko has been a long-time Bitcoin bull. For example, he predicted that the price of the largest cryptocurrency could reach a whopping $400,000 in 2019.
In 2021, he said that the price of Bitcoin reaching $250,000 would be the monetary value of the "gold equivalent."
In early March, the largest cryptocurrency surpassed silver by market capitalization after its valuation reached $1.4 trillion. However, there is still a long way to go before reaching the yellow metal.
The cryptocurrency has not yet surpassed major companies like Alphabet and Apple in terms of market capitalization.
