The CEO of Morgan Creek Capital, Mark Yusko recently took part in an interview for CNBC with Melissa Lee who questioned him on the recent crash experienced by Bitcoin, in where it lost 15 percent of its value.
According to him, Bitcoin would still a great buying opportunity even if its price dropped to lows of say $5k. The CEO and hedge fund manager explained that investors should not get distracted with daily price moves.
“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.”
Following from this, Yusko highlights the point that every fundamental indicator of bitcoin (usage, wallets, block size, transaction size, etc.) are seeing new heights. So with this, it suggests that the network is getting sturdier and the price is increasing.
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
Bitcoin has been compared to many things since it was created ten years ago and one of them is Amazon. Specifically, the story suggests that bitcoin will replicate the success of the dot com bubble companies, such as Amazon.
The CEO uses the firm’s shares as an example in that the road to new highs is always going to be a tough one. In fact, since the company went public twenty years, Amazon has had double-digit drawbacks every single year, including 2019!
“What was the right time to sell it? Never. Who has owned it since the IPO till today? Jeff and his mom and dad.”
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!