Veteran hedge fund manager Mark Yusko is a Bitcoin bull who not only considers Bitcoin a great asset but also wants investors to buy it every time they can. The Morgan Creek Capital CEO and chief investment officer is advising investors to ignore day-to-day price fluctuations and focus on the larger idea of Bitcoin instead.
Yusko looks at the future
On Thursday, Yusko appeared at Fast Money, a show on CNBC to discuss his views on Bitcoin and cryptocurrencies. His advice to investors is “buy it,” and he believes that the daily price fluctuations of the coin should not be paid attention to. Note that Bitcoin has recently plunged with the price reaching $7,944.33. This was the lowest price level for the currency since June 2019 when it was marching ahead to $10,000. The sudden slump in prices came after Bitcoin remained steady at $10,000 for some time.
Yusko believes that extremely short-term price change “doesn’t matter.” He suggests that even though the user base of Bitcoin is still relatively small, it has grown exponentially since 2009.
Is Bitcoin the new Amazon?
According to Yusko, the price of any asset is prone to fluctuations and went on to compare Bitcoin with Amazon, the eCommerce company led by Jeff Bezos. Morgan Creek launched a crypto fund in August last year when Bitcoin was right in the middle of the crypto winter. This was the biggest and most highly publicized crash of the currency after it reached $20,000 in December 2017-January 2018. After that, Bitcoin prices nosedived, wiping billions of dollars from the market almost overnight.
Yusko has been highly optimistic about Bitcoin even after the volatility in its price. Earlier this year, when the price of the coin was hovering at $12,000, he predicted that it could hit $30,000.