Morgan Creek Capital founder Mark Yusko believes we have yet to see the FOMO (fear of missing out) phase take over Bitcoin (BTC) market participants.
Speaking at Bitcoin Investor Day, the hedge fund veteran said that the latest Bitcoin halving took the fair value of BTC from $50,000 to around $80,000.
According to Yusko, he sees marginalized traders and investors rushing to stock up on Bitcoin once BTC rallies to its new fair value.
“Fair value has doubled during each of the previous halving cycles. Now, I don’t think it will double this time because now we have registration fees tied to ordinals.
So instead of going from $50,000, where the fair value is [pre-halving] at $100,000. Actually, I think we’re probably going to $80,000, but we’re still below $80,000, so once you start heading towards that new fair value after the halving, then the FOMO kicks in. game.
Once FOMO kicks in and you get increased adoption of the Bank of America and Merrill Lynch demand shift and the thundering herd finally gets approval…I think all of this is going to push us to a very different price level.
Yusko points out that FOMO hasn’t even kicked in due to low search activity for Bitcoin on Google. He also says that his relatives have not yet asked him about BTC.
“This [conference] is an echo chamber. We talk to each other on Crypto Twitter [about] how smart are we, but the average person? My family members don’t call me yet, [but] They’re going.”
At the time of writing, Bitcoin is trading at $65,246, up 2.38% in the last 24 hours.
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