Bitcoin, the world’s leading cryptocurrency, could see its value more than double this year, according to hedge fund manager Mark Yusko.

Yusko, CEO and chief investment officer of Morgan Creek Capital Management, made the bullish prediction in a recent interview with CNBC’s “Fast Money.”

“Get off zero,” Yusko urged investors, emphasizing the importance of allocating a portion of their portfolios to bitcoin. He recommended a 1% to 3% allocation, asserting that bitcoin is the “king” and a superior alternative to gold.

As of the latest stock market close, bitcoin has surged approximately 159% over the past year, reaching a peak of over $73,000 earlier in March before settling around $70,700 by Thursday evening.

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Price potentially

Yusko’s optimism for bitcoin extends beyond the current year, envisioning the cryptocurrency’s price potentially increasing tenfold over the next decade.

He attributes this potential surge to factors such as the recent launch of bitcoin exchange-traded funds (ETFs) and the upcoming bitcoin halving.

The bitcoin halving, an event occurring roughly every four years, reduces the rate at which new bitcoins are created by cutting the mining reward in half.

Next halving

Yusko anticipates this supply shock to generate significant tailwinds for bitcoin, with the next halving expected in late April.

According to Yusko, the post-halving period typically sees a “big move” in bitcoin’s price, with a more pronounced upward trajectory towards the end of the year.

He suggests that historically, around nine months after the halving, bitcoin reaches its peak price before entering a new bear market cycle, often coinciding with Thanksgiving or Christmas.

In addition to bitcoin, Yusko’s firm holds positions in other cryptocurrencies such as Ethereum, as well as traditional assets like gold.

Morgan Creek Capital Management has exposure to Coinbase, a prominent online trading platform for cryptocurrencies.