[DigitalToday reporter Yoonseo Lee] Mark Yusko (마크 유스코), CEO of asset manager Morgan Creek Capital, put bitcoin’s fair value at $105,000 and assessed current levels as an accumulation zone.

On Sept. 16 (local time), blockchain outlet Bitcoin Magazine reported that Yusko said bitcoin is currently discounted and that now is the best time to buy bitcoin.

Yusko cited Metcalfe’s Law as the basis for valuing bitcoin. The law says a network’s value is proportional to the square of its user base. Referring to a tracking model by economist Tim Peterson, Yusko said, “As of today, bitcoin’s fair value is about $105,000, but the actual price is around $75,000.” He added, “It’s good to accumulate discounted goods.”

The price gap also dovetails with the scale of the recent correction. Bitcoin rose to $126,080 on Oct. 1, 2025, then recently traded at $75,701, about 40 percent below its peak. Yusko interpreted the range not as a simple downturn but as a long-term accumulation opportunity.

Yusko also presented bitcoin as a store of value. “Over 30 years, 85 percent of listed companies disappear,” he said, adding that it is difficult to preserve asset value over the long term through investment in individual companies alone. He also said, “What you really need is an asset that protects value,” noting that historically the asset that played that role was gold. He added that now there are both gold and bitcoin.

The market backdrop was also linked to the bullish case for bitcoin. Bitcoin gained after news emerged that from August the U.S. Treasury would at least double the size of its buyback operations to support liquidity. The announcement weighed on the dollar and was favorable for non-yielding assets.

As a result, an assessment emerged that so-called value-erosion hedge trades, in which investors buy assets to avoid the risk of currency value decline, are gaining traction again. This trend was cited as a favorable environment for bitcoin as well. However, after bitcoin surged last year as a beneficiary of such trades, momentum weakened after October that year as market attention shifted to artificial intelligence-related stocks.

In this situation, Yusko’s remarks are seen as refocusing attention on the view that recently corrected bitcoin is undervalued relative to network value. Bitcoin prices could be influenced by the dollar’s direction, the liquidity environment, and whether investor funds return to digital assets.

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