Morgan Creek Capital head predicts “parabolic” growth of the bitcoin rate
According to Mark Yusko, a significant increase in the value of the first cryptocurrency will occur in 6-9 months
12.08.2022 - 16:55
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What’s new? Mark Yusko, head of venture capital firm Morgan Creek Capital, believes that bitcoin has already reached the bottom and a major rally awaits the asset in less than a year. In an interview with Stansberry Research's YouTube channel, Yusko said that after months of decline in the crypto market, the market is finally over and BTC is ready for a “parabolic move up in six to nine months.” The head of the venture capital firm also called the first cryptocurrency a perfect store of value, comparing it to gold. The advantage of BTC over precious metal is that it is “more divisible and more portable”, Yusko added.
What else did Yusko say? He explained why he's not worried about the large losses bitcoin has suffered since the end of 2021. According to Yusko, the asset has already reached the bottom of the cycle at around $17 500 back in mid-June. He added that the crypto market began to fall in November 2021 “because we had these massive liquidations of overleveraged speculation.”
Bitcoin is trading at $23 931 as of August 12 at 15:30 UTC, having lost 2,39% in 24 hours, according to Binance.
What's known about Yusko? He founded Morgan Creek Capital Management in 2004. Previously, he headed UNC Management Company, the endowment investment arm of the University of North Carolina at Chapel Hill. Yusko is president and chairman of the investment committee of The Hesburgh-Yusko Scholars Foundation at the University of Notre Dame and president and head of the investment committee of the Morgan Creek Foundation.
In December 2021, he said bitcoin would be worth $250 000 over the next five years, adding that the asset's low (at the time) price was not fair.
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