Published
5 years ago on
December 04, 2018
Mark Yusko is the CEO of the investment company, Morgan Creek and he has recently had some very good words to say about Bitcoin and the rest of the cryptocurrency markets. In an interview on CNBC’s Fast Money, the CEO of the investment firm said that Bitcoin would be a positive investment in both the short term and long term.
So far today, Bitcoin has jumped over the $4,000 key resistance level and has gone below it once more, so maybe the short term wouldn’t be the best idea.
It’s worth noting that we are not financial advisors and this is not financial advice. Investing in cryptocurrency is very risky, so only invest based on your own research and invest with money you can afford to lose, always remember to trade safe!
The CEO was questioned on what kind of time period we could expect to see Bitcoin reach the kind of levels like we saw last December when Bitcoin reach a high of $20,000, to which he responded:
“If you buy in today, I don’t think you would have to wait a long time to make a nice return… Over a decade, I think you can make 20-times plus your money.”
The topic then changed to the Bitcoin futures market in which Yusko underestimated to what degree expiry dates and selling pressure would negatively affect prices. With this, he believes that it might have been a catalyst for the recent bear market we are currently in.
The CEO has made bullish statements before. According to the Invest In Blockchain, during the peak of the market last year he said:
“Yusko predicted that Bitcoin would eventually be valued at $400,000, comparing it to the internet in the late 80s and early 90s. In late August, he told CNBC that pension funds, endowments, and family offices are seeking to invest in this area.”
You can see the whole interview here:
Top hedge fund veteran @MarkYusko admits he was wrong about #bitcoin, but he still calls it a long-term buy. pic.twitter.com/S3wqP4EWWy
— CNBC's Fast Money (@CNBCFastMoney) November 27, 2018
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