Morgan Creek CEO recommends selling Amazon shares and investing in Bitcoin

Judy Rubio

Morgan Creek CEO Mark Yusko sees Bitcoin as the next revolutionary technology. In his opinion, this cryptocurrency opens up the greatest potential for wealth. Yusko made this statement during the digital assets summit.

Why Mark Yusko believes in a bright future for bitcoin?

Morgan Creek's top Manager said, "The Genie will not return to the bottle. He's coming. The main news is that it will create the greatest wealth in the history of people."

Mr. Yusko compared the development of distributed registry technology to the Internet. In 1996, his company invested $ 5 million in Sequoia, part of which was invested in Google. At that time, the search engine took the 16th place in the ranking, and after applying improved technologies, it was able to become a leader. The return on investment was $ 200 million. According to Yusko, Web2 has ceased to be the best opportunity to become rich.

The CEO of Morgan Creek prompted, "Sell Amazon. Sell quietly, no one will notice. Amazon is a dead capital that will remain so for decades." He believes that Bitcoin has more attractive investment opportunities. In the article "Bitcoin forecast for 2020", you can get acquainted with the opinions of experts about the future price of the world's No. 1 cryptocurrency.

Mark Yusko referred to the Metcalf law and said that the cost of Bitcoin will soar to 100 thousand dollars

At the end of 2017, the head of Morgan Creek made a forecast that the value of Bitcoin could soar to 50-100 thousand dollars within two years. This prediction is based on Metcalf's law.

Mr. Yusko said, "If you look at the situation from the point of view of the Metcalf law, you can see that in 2020-2021, bitcoin may rise in price to 50-100 thousand dollars. As for me, the main problem with forecasting is that the price does not report the real value of the asset." In support of his words, he noted that when Bitcoin was trading at the level of $ 20,000 at the end of 2017, Its real value was half that. When the price dropped to $ 3,000 in 2018, the fair value was around $ 13-14 thousand.

The head of the Fund continued, "We believe that according to Metcalf's law, you can set the value of Bitcoin, if you add to this its prevalence among users, the cost will be in the range of 15-17 thousand dollars." According to Yusko, the new rally will be explained by the appearance of a huge number of speculators who want to become traders and take advantage of the network effect.

Mark Yusko is sure that the time to sell Bitcoin has not come

Changes in the value of Bitcoin do not mean that it is time to sell the cryptographic currency. In his interview, he commented on concerns about the collapse of the value of the cryptocurrency, which went below the mark of 8 thousand dollars. The head of the Fund is sure that the digital currency #1 will become more expensive and cheaper, but the annual dynamics provides serious reasons for buying Bitcoin, not selling It.

Yusko drew attention to the key indicators of the network: the number and amounts of transactions, the number of wallets, and hashrate are all increasing. The value of each asset is not stable, it fluctuates.

The head of Morgan Creek drew parallels between Bitcoin and Amazon, the latter's shares have jumped from $ 1.73 to $ 1,800 in 22 years to date. Yusko summed it up, "Every year they have a drawdown, and it is calculated in double digits. The average peak value is 31%, twice - 90%. When was the best time to sell? There has never been such a time!»

Other experts share the opinion: 100 thousand dollars for Bitcoin is an achievable figure

After the recent rise of the Bitcoin exchange rate, many expect its correction. But Jess Powell, who is the head of the Kraken crypto exchange, has his own position. He believes that the rate of the # 1 cryptocurrency will increase. For example, Mr. Powell believes that the price of the coin will increase to 100,000 dollars, and maybe up to a million.

Expert Naim Aslam from the brokerage company ThinkMarkets also does not hide his optimism. He believes that bitcoin will be traded in the corridor of 60-100 thousand dollars. Moreover, we will already see these values during the subsequent bull market. According to Aslam, the key price boundaries are 20 and 50 thousand dollars.

Mr. Aslam is convinced that the key drivers of Bitcoin's growth are the presence of institutional investors, the uncertainty of the stock market, the trade confrontation between Washington and Beijing, as well as military risks in the middle East. Many traders use bitcoin to hedge their risks.

Opposite view

Gabor Gurbak of VanEck believes that the Bitcoin spot market remains vulnerable due to the low occupancy of the order books of cryptocurrency exchanges and unbalance. This means that it will not be able to easily reach large levels. In his Twitter account, Mr. Gurbak wrote, "To reduce the value of Bitcoin by 10%, you need to sell 3100 coins. However, to increase the price of a crypto asset by the same 10%, you need to buy 6500 coins already."

Trace Mayer, who developed the Mayer Multiple indicator, believes that Bitcoin is heavily overbought. It is waiting for a correction. The expert notes that investors perceive the 200-day DMA as a certain border between the bear and bull markets, now the indicator is at the level of 5085 dollars. According to Mayer, in the long term, the value of the crypto asset tends to this value.

Everyone has different forecasts for bitcoin. Most experts expect the exchange rate of cryptocurrency #1 to increase. Many traders see it as a tool for hedging risks. If you are thinking about investing in crypto assets, then let there be a place for bitcoin in your portfolio. Digital coin #1 just like that, without a fight, will not give up!