Morgan Creek CEO: 20x Bitcoin (BTC) Bull Run Possible Over Next Decade

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Morgan Creek CEO: 20x Bitcoin (BTC) Bull Run Possible Over Next Decade

Post by howlermunkey » Sat Dec 01, 2018 7:32 pm

Early last week, CNBC’s “Fast Money,” somewhat infamous for its coverage of markets, continued its incessant coverage of Bitcoin (BTC), calling upon Mark Yusko of Morgan Creek Capital Management to make a guest appearance. Surprisingly, while Yusko hails from the realm of traditional finance, he expressed that cryptocurrencies are likely to succeed over the long haul.

Touching on the arrival of CBOE’s and CME’s BTC futures vehicles, Yusko noted that he totally missed the mark on how these aforementioned contracts would affect this nascent market. He explained that artificial selling pressure (rehypothecation) has been directly placed on BTC, in spite of the fact that said futures aren’t physically-backed. This, of course, was likely said to attribute BTC’s most recent sell-off, which forced the digital asset under $4,000, to a (group of) catalyst(s).

However, he explained that rehypothecation will be phased out of cryptocurrency markets in the future, pending on the adoption of BTC as a viable store of value, which may subsequently catalyze a leg higher. Yusko, further explaining his long-term penchant for Bitcoin, went on to add that $4.6 billion/day in trading volumes is a far cry from the sub-few-hundred million/day seen in the years prior, only accentuating that this industry is flourishing.

‘Buying Today Isn’t A Bad Idea’
Discussing BTC’s most recent decline and a potential bottom, Yusko, the Morgan Creek chief explained that investors “don’t need a very long time horizon at all” to make a nice return on a BTC investment.

This sentiment, which was short, but sweet, has seemingly echoed claims made by other industry insiders on their short-term view on BTC, specifically from an investment perspective.

BlockTower partner Michael Bucella, formerly of Goldman Sachs Canada, recently told the exact same CNBC segment that while he expects for BTC to fall “one leg lower” before bottoming, he expects a subsequent sharp rebound to the upside, which may put short-term speculators well into the green


https://ethereumworldnews.com/morgan-cr ... xt-decade/

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