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Mark Yusko, the founder and CEO of Morgan Creek Capital Management, stated on CoinDesk TV's First Mover that Bitcoin (BTC), the leading cryptocurrency by market value, has the potential to reach $300,000 by 2028.

While drawing a comparison between Bitcoin and gold, Yusko put forth his prediction. Unlike gold, which lacks portability and divisibility, bitcoin has both of these advantageous features, elaborated the CEO of the $1.6 billion asset management firm. Yusko further emphasized, "Bitcoin fixes both of these issues, and is equally scarce," With this perspective, he made a compelling case that the digital asset has the potential to eventually rival the valuation of the precious metal.

“The monetary value of gold is about 6 trillion, I think bitcoin can replace all of that, the monetary equivalent of $6 trillion is about a 10X from here, which gives us a price of about $300K,” said Yusko.

He anticipates that the price of $300,000 might be achieved by 2028, coinciding with the occurrence of another halving event in the bitcoin network.

Approximately every four years, the rewards that miners receive for successfully mining a block in the Bitcoin network undergo a halving process. This halving event is implemented to regulate the supply economics of the blockchain. Consequently, the next halving is expected to occur around April 2024, with another one scheduled for 2028. The halving is often perceived as a favorable catalyst for the price of the digital currency since it helps reduce inflationary pressure on Bitcoin.

Yusko's optimistic forecast relies on drawing parallels from past historical instances of Bitcoin's price behavior following each halving event. He stated, "Every [Bitcoin] halving we’ve added a zero, and by next April I think we could go to $100,000.”

Yusko joins a growing chorus of Bitcoin bulls who have made optimistic predictions about the digital currency's price. Recently, Standard Chartered, a British multinational bank, forecasted that Bitcoin could surge to $120,000 by the end of this year. Additionally, Matrixport, a Crypto services provider, is even more bullish, projecting that Bitcoin could rally as high as $125,000 by the conclusion of 2024.

Bitcoin has experienced an impressive 70% surge since the beginning of this year and is presently valued at $29,300, bouncing back strongly from a 64% decline observed in 2022.