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Bitcoin price could hit $150,000 this year – hedge fund manager

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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.

Is Bitcoin headed for $150,000?

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.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Money

Workers rush back to their desks over job fears

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Workers across Australia are rushing back to their desks, driving office utilisation rates to their highest levels since February 2020.

Tuesdays, Wednesdays, and Thursdays emerge as the busiest in-office days, contrasting with the continued reluctance to return on Fridays.

This insight, drawn from XY Sense data based on 18 enterprise customers in Australia employing approximately 68,000 individuals across 127 buildings, reflects a significant shift in workplace dynamics.

The surge in office attendance coincides with a resurgence in workplace attendance mandates and policies linking physical presence to bonuses and performance reviews.

However, co-founder of XY Sense, Alex Birch, suggests that rising job insecurity, rather than these policies, primarily drives this behavioral shift.

“The pendulum has moved towards the employer, and therefore people feel more obliged to go back into work,” commented Mr. Birch.

Job market

Danielle Wood, chairwoman of the Productivity Commission, anticipates this trend to persist as the job market softens.

She notes a disparity between employer and worker perceptions regarding the productivity benefits of hybrid work arrangements, hinting at potential shifts in the employment landscape.

Meanwhile, economists at the e61 Institute observe a partial reversal of the pandemic-induced “escape to the country” trend.

Rent differentials between regional and capital city dwellings, which narrowed during the pandemic, are now widening again.

This trend suggests a diminishing appeal of remote work options and a return to urban commuting.

Aaron Wong, senior research economist at e61, said the emergence of a “new normal,” characterised by a hybrid lifestyle that blends access to office spaces with proximity to lifestyle amenities such as natural landscapes.

While regional rents decline, rents for homes on the urban fringe surge, reflecting evolving preferences shaped by remote work opportunities.

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Money

Why resilient economy is fuelling demand for Australian property

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Despite inflationary pressures, Australian house prices have surged to a record high for the fifth month in a row, as indicated by CoreLogic data.

Australian house prices have not only weathered inflation but have also soared to unprecedented levels, marking the fifth consecutive month of record highs, according to data from CoreLogic.

This resilience reflects the enduring demand for property in the country, showcasing the sustained interest of buyers despite challenging economic conditions.

VentureCrowd’s Head of Property, David Whitting, talks how investors can access alternative ways of property investing.

Presented by VentureCrowd #funding futures #housing #economy

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Money

Three reasons why you don’t need to panic about inflation

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Inflation in the US has exceeded expectations for the third consecutive month, driven by increases in essential commodities such as oil, electricity, takeaway food, and medical costs.

  1. Despite a 3.8% year-on-year rise in CPI, it’s notable that this figure has decreased from its previous 9% high.
  2. The robust CPI and economic growth numbers suggest a positive outlook for US corporate earnings.
  3. The S&P500 has seen five 1% drops this year, all of which were met with investors buying the dip.

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