Morgan Creek Capital Management CEO Mark Yusko says bitcoin's fair value is approximately $105,000 based on Metcalfe's Law — well above its recent trading price near $75,000 — and that investors should be accumulating.

Speaking on Bitcoin Magazine TV on Wednesday, the head of the Chapel Hill, North Carolina-based investment management firm he founded in 2004 described the leading cryptocurrency as "on sale" and said now is the best time to buy.

Metcalfe's Law, an observation attributed to internet entrepreneur Robert Metcalfe, who co-invented Ethernet and founded network equipment maker 3Com, states that the value of a network is proportional to the square of the number of its users. The principle has been widely applied to communications networks and, in recent years, to cryptocurrency valuation. Bitcoin touched a high of $126,080 in October 2025 but was recently trading roughly 40% below that level, at $75,701.

In a post on X, Bitcoin Magazine highlighted his remarks:

JUST IN: Morgan Creek Capital CEO Mark Yusko says Bitcoin's fair value is $105,000 based on Metcalfe's Law Bullish! pic.twitter.com/zSpYHOCD3L

— Bitcoin Magazine (@BitcoinMagazine) September 16, 2026

"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 argue that bitcoin is the best way to protect one's wealth, saying that holding equities over the long term is not a sound strategy.

"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. The pairing echoes a common industry framing: bitcoin, with its supply capped at 21 million coins, is frequently described as "digital gold."

Bitcoin began rallying in August following news that the U.S. Treasury would at least double the size of its liquidity-support buyback operations, which involve repurchasing outstanding government securities. The announcement weighed on the dollar, and non-yielding assets, which provide no interest or dividend payments, have benefited.

Since then, some experts have said the so-called debasement trade — in which investors buy an asset to hedge against a currency losing value — is back and will benefit bitcoin. The trade gained momentum last year and helped fuel bitcoin's run, but the digital asset lost steam after October as traders shifted their attention to artificial intelligence-related stocks.

This article first appeared on Bitcoin Magazine and was written by Mathew Di Salvo.