When the Chicago Mercantile Exchange made the announcement that would be adding Bitcoin for trade in future operations the digital currency reached its highest premium yet at $7,500 an unit. The eventual cancelation of the SegWith2x hard fork put a stop on the rising price with the cryptocurrency taking a dive down to the $6,500 mark, and making every analyst lay low for a while.
The news hasn’t shied away Mark Yusko, founder and CEO of Morgan Creek Capital Management. The investor believes that the digital currency could be worth as much as $400,000 in the long term future. As many entrepreneurs and investors, Mark made its first foray into Bitcoin in the year 2011, by buying an undisclosed amount units of cryptocurrency. He still regrets to this days not purchasing more.
Mark Yusko sees Bitcoin as the turning point for the banking system. He believes that despite the lack of support of the baking industry, Bitcoin will change the supply and demand equation for them. The disruptive nature of cryptocurrencies is akin to the way Internet changed the economic dynamics in the whole world less than 20 years ago.