Morgan Creek Capital CEO on Bitcoin: “Buy it”
Mark Yusko, the CEO of Morgan Creek Capital, told CNBC’s Melissa Lee that Bitcoin is still a great buying opportunity even if the price were to slide to $5,000.
The Bitcoin bull was asked about the recent 20% drop in the digital asset’s value, to which his notably unambiguous answer was: “Buy it”.
According to Mark, Bitcoin would still be a great steal even at the low $5,000 range. The hedge fund manager explained that investors shouldn’t not get distracted with daily price moves as this is all noise which takes away from the bigger picture.
The daily price of Bitcoin doesn’t matter. It’s been alive for ten years. In every year (other than one – 2015), it made a higher low. The market cap has grown every single year.
Building on this, Yusko highlighted the point that every fundamental bitcoin indicator such as wallet creation metrics, transaction volumes, block sizes, and so on, are seeing new all-time highs. This strongly suggests that the network is sturdier than ever and price-action will eventually come to realise that.
Since its inception over ten years ago, Bitcoin has been compared to a plethora of things, stocks, gold and in particular, the big five. More specifically, the story suggests the number one cryptocurrency will replicate the success of the dot com bubble companies, such as Amazon and Google.
Using the firm’s share-price as an example, Mark underlined the fact that Amazon’s ride was a long and bumpy one. In fact, since the company went public twenty years ago, Amazon has had double-digit drawbacks every single year, including 2019.
Speaking to this, he asked:
What was the right time to sell it? Never. Who has owned it since the IPO till today? Jeff and his mom and dad.
At the time of writing, Bitcoin is holding at the $8,000 price point, where a possible bullish bear trap or downward continuation scenario is expected to play out in the coming days. The game is on.