CEO Mark Yusko predicts 2024 as the massive year in cryptocurrency. With many events coming throughout the year like expected bitcoin ETF approval and Bitcoin halving. He discussed the impact of economic trends and Bitcoin price surge. Many analysts have predicted a massive bull run in 2024 which will drive bitcoin, altcoins and memecoins to new ATHs.
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CEO Mark Yusko predicts a massive year for cryptocurrency in 2024
Mark Yusko, CEO and Chief Investment Officer of Morgan Creek Capital Management, has expressed a notably positive outlook for the cryptocurrency industry in the upcoming year, 2024.
In a recent interview on “The Dales Report” YouTube series, Yusko outlined several key factors that he believes will make 2024 a particularly optimistic year for the crypto market.
Yusko referred to a “celestial alignment” of various cycles converging in 2024, including the four-year Bitcoin cycle, with the next halving event expected in April or early May. He highlighted historical patterns where such events have acted as catalysts for significant movements in Bitcoin’s price.
Another significant factor mentioned by Yusko is the potential wave of liquidity following the approval of a spot Bitcoin exchange-traded fund (ETF), expected to bring substantial capital inflows into the crypto market.
Influence of Broader Economic Trends
Yusko also pointed out the potential influence of broader economic trends and monetary policies. He anticipates that a slowing economy might lead the Federal Reserve to adopt accommodative policies, potentially devaluing the dollar. Given that Bitcoin is priced in dollars, this devaluation could contribute to an increase in Bitcoin’s price.
Highlighting a significant technological wave, Yusko discussed the recent layoffs in Big Tech, releasing a pool of talented individuals into the job market. He believes that these individuals, possessing high levels of expertise and creativity, will likely start new companies, contributing to innovation in the crypto space.
Emphasizing human creativity as a driving force, Yusko sees the influx of talent as a critical component for the growth and evolution of the cryptocurrency industry.
Expected Approval of Bitcoin ETF
In a previous appearance on CNBC in early December 2023, Yusko discussed Bitcoin’s recent price surge, attributing part of it to the expected approval of a Bitcoin ETF around January 8, 2024, which he humorously referred to as the “King’s Birthday.”
He clarified that Bitcoin’s growth was not solely due to ETF speculation, citing undervaluation a year earlier and a correction to a fairer value in the lower $50,000 range.
Yusko also shared insights into other cryptocurrencies like Ethereum, Solana, and Avalanche, characterizing them as platforms providing tools for application development.
In contrast, he views Bitcoin as having established itself as a form of digital gold, with a market capitalization approaching 20% of gold’s monetary value.
Concept of “Truth Net”
Introducing the concept of the “Truth Net,” Yusko marked 2024 as the beginning of a significant technological cycle, transitioning from trust-based systems to those where blockchains determine truth.
He sees this as a central phase for blockchain application development, with substantial value accumulating at the protocol layer, representing a shift from previous web models.
In response to skepticism from traditional financial figures like Jamie Dimon of JPMorgan Chase & Co., Yusko suggested that those entrenched in conventional financial systems might resist blockchain technology.
He drew parallels between blockchain’s potential disruption of financial services and the internet’s impact on media and commerce, emphasizing blockchain’s ability to facilitate direct value exchanges without intermediaries.
Conclusion
To conclude, 2024 will be a massive year in cryptocurrency as predicted by Morgan Creek. Many other analysts are expecting a massive bull run in 2024 with major events like Bitcoin ETF and Bitcoin halving which will drive the Bitcoin surge.
Altcoin and memecoin seasons are also expected in 2024. All in all, 2024 seems like a promising year for the crypto world.
Are you Excited?
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Note: It’s a research based article not a financial advice.
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