Morgan Creek Capital founder Mark Yusko believes he has yet to see the FOMO (fear of missing out) stage take over Bitcoin (BTC) market participants.
Speaking at Bitcoin Investor's Day, the hedge fund veteran said that Bitcoin's recent halving has caused the fair value of BTC to jump from $50,000 to about $80,000.
According to Yusko, as BTC rises towards its new fair value, inactive traders and investors will rush to buy into Bitcoin.
“The fair value has doubled in each previous halving. Now that there is a registration fee associated with the ordinal, I don't think it will double this time.
So instead of moving from the fair value of $50,000; [pre-halving] Up to $100,000. In reality, I think it's probably going to go as high as $80,000, but it's still below $80,000, so the FOMO starts as we start moving towards the new fair value after the halving.
Once FOMO kicks in, increased hiring due to demand shifts from Bank of America and Merrill Lynch, and finally the winning wars that get approved… all of that pushes us to a very different price level. I think it will happen. ”
Yusko emphasized that FOMO has not even begun, given the low search activity for Bitcoin on Google. He also says that those close to him have not yet asked about BTC.
“this [conference] It's an echo chamber.We talk to each other on Crypto Twitter [about] How smart are we, but what about the average person? I haven't received a phone call from my family yet. [but] they will. ”
At the time of writing, Bitcoin is trading at $65,246, up 2.38% in the past 24 hours.
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