Bitcoin FOMO Yet to Start, Says Morgan Creek Capital Founder
Mark Yusko, the founder of Morgan Creek Capital, suggests that the fear of missing out (FOMO) phase in the Bitcoin (BTC) market has yet to commence.
Speaking at the Bitcoin Investor Day, the hedge fund veteran stated that Bitcoin’s latest halving raised BTC’s fair value from $50,000 to about $80,000.
Yusko noted that sidelined traders and investors would rush in to buy Bitcoin once BTC rallies toward its new fair value.
Fair value has doubled in each of the previous halving cycles. Now I don’t think it will double this time because now we have inscription fees related to ordinals.
And so instead of going from $50,000 where fair value is [pre-halving] to $100,000. I actually think we go probably to $80,000-ish, but we’re still below $80,000 so once you start going toward that new fair value post halving, then the FOMO kicks in.
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Once the FOMO kicks in and you get the increased adoption from the demand shift from the Bank of America and Merrill Lynch and the thundering herd finally getting approval… I think all of that is going to push us to a very different price level.
Yusko highlights that FOMO has not even started based on the low search activity for Bitcoin on Google. He also says that people close to him have not yet asked him about BTC.
This [conference] is an echo chamber. We talk to each other on Crypto Twitter [about] how smart we are, but the average person? My family members are not calling me yet, [but] they will.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
