“Buy Bitcoin” Institutional Investor Declares On CNBC After 20% Crash

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Sorry bulls, the Bitcoin and cryptocurrency market failed to bounce on Thursday. In fact, the rut that cryptocurrencies have found themselves in has only been deepened.

Bitcoin has shed another 5% in the past 24 hours, falling under $8,000 for the first time in months — a continuation move that has caused much fear to spread in the cryptocurrency industry.

Fear is so prevalent in the community, in fact, that traders have begun to claim that the “bull market is over” and that BTC is on its way back to $4,000, and maybe even lower.

Despite this, a leading institutional investor in the cryptocurrency space has asserted that it is too early to flip bearish on Bitcoin. He even stated — on international television, not to mention — that now may be a wise time to start purchasing the cryptocurrency.

Buy Bitcoin

If you’ve perused Crypto Twitter, you’re likely accustomed to the memes of the community. While “moon” and “HODL” are popular, making occasional appearances in the vernacular of the mainstream media, one of relevance today is “BTFD” — which stands for buy the, uh, dip.

Mark Yusko, the head of the crypto-friendly investment fund Morgan Creek Capital Management, recently brought this meme mainstream when he appeared on Thursday’s installment of CNBC’s “Fast Money”. During his segment, which primarily covered price action in traditional markets, he was posed a question about Bitcoin.

To this, the institutional investor responded with multiple utterances of “buy it”, committing to the cryptocurrency cause on live television. The members of the “Fast Money” panel, unsurprisingly, were caught aback by his quippy response. So thus, Yusko felt it necessary the rationale behind his still-cheery outlook on Bitcoin:

“Look, the daily price of Bitcoin doesn’t matter. It’s been alive for ten years. Save for one year, 2015, it has made a higher lower [each and every year]; BTC’s market capitalization has grown every single year.”

The implication here, of course, is that he expects for Bitcoin’s rampant price appreciation trend to continue. Yusko went on to note that the fundamental metrics back this, citing continual growth in the number of transactions, hash rate, realized value, among other statistics that prove Bitcoin has more usage and investor interest than ever before.

He then concluded by likening Bitcoin to Amazon’s stock, explaining that the now-nearly-trillion dollar behemoth of a corporation has seen double-digit drawdowns on multiple occasions, but has recovered to new heights each time.

Don't hold your breath in hopes of a trade deal, says Morgan Creek Capital Management's @MarkYusko. More on the risks he's seeing – and why he'd be buying bitcoin – below. pic.twitter.com/XcAeRKs5rB

— CNBC's Fast Money (@CNBCFastMoney) September 26, 2019

Long-Term Vision

While Yusko wasn’t given time to talk about his long-term expectations for Bitcoin, the investor is expecting for the cryptocurrency to absolutely explode in value in the coming decade.

In fact, during the 2018 bear market, Morgan Creek’s cryptocurrency division, which Anthony “Pomp” Pompliano is notably a partner of, made an open $1 million bet to Wall Street that its cryptocurrency index would outperform the S&P 500 over the next decade.

No one took the bet, implying to the Morgan Creek partners that traditional finance is scared that cryptocurrencies will overtake fiat over the long haul.

Yusko’s thesis is that in the long run, Bitcoin will begin to creep up on the market capitalization of gold — which today holds the seat as the world’s most commonly used and recognized store of value.

In multiple interviews, the hedge fund manager has stated that the cryptocurrency’s characteristics of scarcity, decentralization, censorship-resistance, among other inherent benefits of the protocol, will allow BTC to eclipse a value of $400,000 per coin.

This would give Bitcoin a higher market capitalization than the orange precious metal humans have come to love.

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Original Article – Blockonomi.com