We checked the current data: Bitcoin is trading in the $62,000 zone today. The hourly chart of the cryptocurrency below shows the cryptocurrency at 56 thousand, that is, even before the large-scale jump in the coin’s exchange rate.

Bitcoin’s hourly rate chart

On a weekly scale, Bitcoin remains one of the growth leaders among cryptocurrencies with the largest market capitalization, that is, the product of the exchange rate by the number of coins in circulation. BTC rose in value by 8.1 percent, while Binance Coin and Polkadot rose by 18.3 percent and 20.2 percent respectively.

Cryptocurrency growth totals for the past week

There is now even more reason for BTC to rise further. At the very least, the cryptocurrency closed last week at a high of $61.5 thousand.

What’s next for Bitcoin

As you can see in the chart below, the week in which BTC’s historic high price was set in April this year, the cryptocurrency began a sharp fall that led to its mid-term decline to the $30,000 line. Normally, a candle closing near the historical high would indicate very strong demand from buyers and, as a consequence, a continuation of the bull run.

1-week Bitcoin chart

So what should be the profit taking target from Bitcoin’s rise? According to Morgan Creek Capital Management CEO Mark Yusco, the cryptocurrency has every chance of reaching the $250,000 mark in five years. Here’s his quote on the matter, published by Cryptopotato.

It’s a classic supply/demand ratio. One of the nice things about Bitcoin as an asset is that it has a limited supply. We know for every day over the next 140 years how many bitcoins will be mined.


Note that Jusko misspoke here. The fact is that the pace of issuance - that is, issuance - of new bitcoins is timetabled to 2140, or over the next 119 years. Around that year, all possible BTC will be mined by cryptocurrency miners.

The approximate gains in BTC mining are also known in advance. Specifically, 99 percent of all bitcoins will be mined by 2034. In 2047, 99.9 percent of all BTC will be mined, while the last whole bitcoin will be mined tentatively in 2102. Accordingly, in the final phase, miners will mine less than a whole BTC for 38 years until 2140. And we wrote more about what happens in the network of the first cryptocurrency after the last coin has been mined in a separate article.


Bitcoin issuance rates

Yusco bases his forecast on the capitalization of gold, a precious metal that he believes will soon be replaced by Bitcoin. At $250,000, the cryptocurrency’s capitalization will roughly match that of gold.

At the same time, Bitcoin's advantages over gold are already clear. In particular, the cryptocurrency's issuance rate cannot be accelerated, as this parameter in the form of mining complexity is automatically regulated by the network. Also, BTC does not require a separate storage space and there are no borders for it. Finally, a resident of any country will need about 10-30 minutes to transfer bitcoins - and no one will be able to prevent this. So the prospect of Bitcoin replacing gold as the world's main store of value seems at least logical.

Morgan Creek Capital Management CEO Mark Yusco


We believe that at this point Bitcoin does seem poised for further upward flight. Still, about every four years the rate of new coin issuance is halved, which should have a positive impact on the exchange rate if the same demand continues. Hopefully in the coming months the bullrun will remind us what it really should be.


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