Morgan Creek Capital founder Mark Yusko believes the Bitcoin (BTC) market has yet to experience FOMO (fear of missing out). He anticipates that as BTC approaches its new fair value of $80,000, previously sidelined traders and investors will rush in, triggering a surge in demand. Yusko attributes this delayed FOMO to lower Google search activity and limited inquiries from personal connections.
Bitcoin Poised for Surge as FOMO Phase Looms, Says Hedge Fund Veteran Mark Yusko
Renowned hedge fund manager Mark Yusko, founder of Morgan Creek Capital, has declared that the Bitcoin (BTC) market is yet to witness the inevitable grip of "fear of missing out" (FOMO) among market participants. Speaking at the recent Bitcoin Investor Day, Yusko provided compelling insights into the post-halving trajectory of Bitcoin, predicting a significant rally toward its newly established fair value.
Yusko emphasized that Bitcoin's latest halving event, which reduces the issuance rate of new coins by half, has catapulted its fair value from $50,000 to an estimated $80,000. This upward valuation is attributed to the reduced supply, coupled with increasing adoption and demand.
"Historically, Bitcoin's fair value has doubled during each previous halving cycle," Yusko explained. "While I don't anticipate a doubling this time due to the introduction of inscription fees related to ordinals, we will likely witness a rise to approximately $80,000. As we approach this new fair value, the FOMO phase will set in, triggering a surge in demand."
Moreover, Yusko highlighted that FOMO has yet to take hold, citing low search activity for Bitcoin on Google and the absence of inquiries from his personal network. "This conference is an echo chamber," he noted. "We discuss Bitcoin's brilliance within our crypto circles, but the average person has not jumped on the bandwagon just yet. However, they will."
At the time of writing, Bitcoin was trading at $65,246, marking a 2.38% gain over the previous 24 hours. Yusko's predictions have been met with cautious optimism within the Bitcoin community, as investors anticipate a sustained rally driven by increased demand and the psychological factor of FOMO.
"The combination of a new, higher fair value, coupled with the inevitable FOMO phase and the growing institutional adoption, will propel Bitcoin to a completely different price level," Yusko concluded. "We stand on the cusp of a significant market shift, and those who embrace this opportunity stand to benefit greatly."
