Bitcoin's Fair Value Is Around $105,000, Rise Is 'Programmed,' Mark Yusko Says

Morgan Creek Capital founder and CEO Mark Yusko on Wednesday said Bitcoin‘s (CRYPTO: BTC) long-term appreciation is effectively built into the network as adoption expands and new supply keeps falling.

Yusko argues that BTC remains undervalued despite its evolution from a speculative trade toward a global store of value.

Why Yusko Sees BTC Having a “Built-In Escalator“

Speaking in a Bitcoin Magazine interview, Yusko made the case Bitcoin’s four-year cycle is rooted in its programmed supply schedule rather than speculation alone.

"If that happened and nothing changed, half the miners would go out of business," Yusko said. "So what happens is naturally the price has a built-in escalator."

He pointed to a network-value model from Timothy Peterson, which currently estimates Bitcoin’s fair value at roughly $105,000.

"It’s about $105,000, but it’s $75,000. Great. So it’s on sale," Yusko said.

He described Bitcoin’s market cycle as moving through several phases.

• Long-term investors accumulate below perceived fair value,
• Traders arrive as momentum builds,
• Miners hedge once prices exceed production costs
• And leveraged speculation eventually pushes prices above fundamentals.

That final stage, Yusko argued, creates the conditions for sharp corrections.