Morgan Creek Capital CEO Mark Yusko said bitcoin is trading below its fair value and represents a buying opportunity. Speaking on Bitcoin Magazine TV, Yusko argued that the cryptocurrency should be accumulated at current prices.
Yusko calculated bitcoin's fair value at $105,000 using Metcalfe's Law, an observation stating that a network's value is proportional to the square of its number of users. Bitcoin reached a high of $126,080 in October 2025 but has since declined to around $75,701, roughly 40% below that peak.
"So it's on sale — you should accumulate things that are on sale," Yusko said.
Yusko positioned bitcoin as a long-term store of value alongside gold. He noted that over a 30-year period, 85% of companies disappear, making equities a less reliable value preservative. "What you really need is something to protect your value — and historically, for 5,000 years, there was one asset: gold. Now we've got gold and bitcoin," he added.
Bitcoin's recent price movements have been influenced by broader market trends. The cryptocurrency began rallying in August following a U.S. Treasury announcement to increase the size of its liquidity-support buyback operations, a development that weakened the dollar and benefited non-yielding assets like bitcoin.
Some analysts have attributed recent interest in bitcoin to the so-called debasement trade, in which investors buy assets to hedge against currency depreciation. This strategy was particularly active last year but lost momentum after October as investor attention shifted toward artificial intelligence-related stocks.
