Short-term fluctuations in the rate of the first cryptocurrency (bitcoin) do not violate its fundamental prospects, says Mark Yusko. According to his forecast, in the next five years the asset will rise in price to $ 250 thousand.
The head of Morgan Creek Capital, Mark Yusko, in an interview with Forkast.news predicted that Bitcoin in the next five years will rise in price to $ 250 thousand.
According to Yusko, this cost will correspond to the fundamental potential of the first cryptocurrency. The head of Morgan Creek called the current price of bitcoin, expressed in US dollars, meaningless.
“Interestingly, in the short term, when prices are falling, as they have been in the past few weeks, people start to get nervous and doubt these long-term trends and fundamentals,” Yusko said.
On December 4, the bitcoin rate for the first time since the end of September fell to $ 42 thousand. During the day, the price of the cryptocurrency decreased by more than 20%.
A sharp drop in quotes provoked massive liquidations of traders’ positions for $ 2.5 billion. On December 17, the asset is traded at $ 47.2 thousand, and its capitalization is $ 893 billion, according to CoinGecko.
Earlier, the founder and CEO of Devere Group Nigel Green said that Bitcoin holders are selling cryptocurrency to large buyers due to panic. According to Green, large investors continue to accumulate bitcoin in order to protect their assets from high inflation.
Morgan Creek Capital was founded in 2004 and currently manages approximately $ 2 billion in assets. Prior to founding Morgan Creek, Mark Yusko was the chief investment officer and founder of UNC Management Company.
