In a recent interview, hedge fund manager Mark Yusko said he is optimistic about Bitcoin (CRYPTO: BTC), predicting it will surpass $150,000 this year, doubling its current value.
Encouraging investors to diversify, Yusko suggests allocating 1% to 3% of their portfolio to Bitcoin, considering it a superior alternative to gold.
"Bitcoin is the king. It is the dominant token. It is a better form of gold," he told CNBC's "Fast Money" last week.
As of Thursday, Bitcoin has risen approximately 159% in the past year, reaching over $73,000 in March and trading around $70,700.
Yusko believes Bitcoin's potential to increase tenfold over the next decade, citing the introduction of Bitcoin exchange-traded funds and the upcoming Bitcoin halving, expected in late April, as bullish catalysts.
"The law of large numbers comes in. I think it can go up 10x from here easily over the next decade," Yusko said.
He anticipated a supply shock post-halving, leading to significant tailwinds for Bitcoin, with prices potentially peaking around Thanksgiving or Christmas.
"The big move happens post-halving. It starts to become more parabolic toward the end of the year. And, historically about nine months after the halving, so sometime toward Thanksgiving, Christmas, we see the peak in price before the next bear market," Yusko said.
Yusko's firm also holds exposure to cryptocurrency trading platform Coinbase, anticipating promising prospects for the company.
At the time of writing, Bitcoin was trading at $70,514.43, up by 9% in the last seven days.
Now Read: Whopping $33.8 Million Worth Of Dogecoin Shifted To Robinhood — And People Suspect This Person Could Be Behind It
Photo: Shutterstock