Morgan Creek Capital Management’s founder, CEO, and CIO, Mark Yusko, is still interested in Bitcoin (BTC/USD) and other digital assets. He disclosed his bullish stance on the crypto space during an interview earlier today, saying he considers the poor performance of the crypto market a black Friday discount. Explaining why he is still bullish on BTC despite its recent plunge, he cited strengthening fundamentals.
According to Yusko, the number of BTC users, wallets, and transactions has increased significantly, making the network even better. He added that it baffles him, as an investor, why people would exit the store when things go on sale.
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Commenting on the current inflation rates in Turkey, Yusko said BTC is perfect as a store of value, seeing as it acts digital gold. While he admitted gold has served as a great store of value for over 5,000 years, the Morgan Creek Capital Management founder said digital gold is better. Highlighting some of the perks BTC has over gold, he said it is more portable and divisible.
Comparing BTC to the fiat currencies of countries like Venezuela and Zimbabwe, he said BTC is not getting better. Instead, he believes the fiats are getting worse. Yusko added that the same thing is happening across the globe, with countries racing to the bottom due to being indebted.
With the only way out for such countries being devaluing their currencies, Yusko believes it is vital for investors to have crypto in their portfolios as a store of value.
People should not panic about the crypto market’s slump
According to Yusko, machines are widely responsible for the market’s poor performance at the moment because people are increasingly becoming absent in markets ahead of the holidays. He added that machines act on any market-related news recklessly, looking to make short-term profits.
Among the news that Yusko believes triggered this blood bath is the announcement of a new South African COVID strain. Nonetheless, he encouraged crypto adopters to buy what they can and hold the line. He added that panicking would only scare investors into exiting their positions prematurely.
Although Yusko is encouraging investors to buy crypto, he urged them to consider using a dollar-cost averaging approach instead of buying a lump sum at a go. He noted that the price of BTC does not matter because humans and machines are driving its volatility.
Yusko concluded by saying,
What you want to do is continue to increase your ownership of those powerful computing networks the world has ever seen. Ownership is edge here.
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