Morgan Creek Capital CEO Mark Yusko has said that bitcoin’s fair value is $105,000 based on Metcalfe’s Law.
Speaking on Bitcoin Magazine TV on Wednesday, the investment management firm said that now was the best time to buy the leading cryptocurrency as it is “on sale.”
Metcalfe’s Law, an observation by Internet entrepreneur Robert Metcalfe, states that the value of a network is proportional to the square of the number of users. Bitcoin touched a high in October 2025 of $126,080 but was recently trading 40% lower than that, at $75,701.
“So the fair value of bitcoin today, based on Metcalf’s law — Tim Peterson runs a model that tracks this really nicely — it’s about $105,000, but it’s $75,000,” Yusko said.
“Okay, so it’s on sale — you should accumulate things that are on sale.”
Yusko went on to say that bitcoin was the best way to protect one’s value and that investing in companies wasn’t good for the long-term.
“The problem is over a 30-year period, equity, 85% of companies disappear over 30 years. It’s amazing stat,” he said.
“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 started rallying in August following news that the U.S. Treasury would at least double the size of its liquidity-support buyback operations. The announcement hurt the dollar but non-yielding assets have benefited.
Since then, some experts have said that the so-called debasement trade — when investors buy an asset as a way to hedge against a currency losing value — is back and will benefit bitcoin.
The trade was hot last year, and helped bitcoin’s run, but the digital asset lost steam after October as traders turned their attention to stocks related to artificial intelligence.