The veteran investor of hedge fund, Mark Yusko has said that it is not the right time for sell and Bitcoin (BTC) is only showing a buy signal. Yusko gave this statement in an interview with CNBC on 27th September. Yusko is the CEO and Chief investment officer at Morgan Creek Capital Management. In his interview, he also compares the cryptocurrency Bitcoin with Amazon’s history of ten-years while talking with the host Melissa Lee.
— Mark W. Yusko (@MarkYusko) September 27, 2019
He was discussing and replying to the answers related to the value of Bitcoin and it’s recent bearish momentum of $8k. He defended the currency as he said that the value of the Bitcoin could be experience ups and downs in the market, but on the other hand, it has growth and development history of a decade and because of this investors should buy it instead of selling the currencies.
He described the situation,
“All the indicators of the network and the network value are rising; the price of any asset fluctuates.”
He also said the regular price of the currency “doesn’t matter and while comparing it with Amazon he said, “the rice of any asset fluctuates.”
He mentioned the basic signal of the Bitcoin including wallets, transaction size, usage, block size, and hash rates are increasing. Yusko said that the selling bitcoin is the wrong decision for the investors and it is not profitable. He said,
“In every year, including this year, it’s had a double-digit drawdown. The average peak-to-trough: 31%, twice 90%. When was the right time to sell? Never.”
There are many things people are saying about the value of the Bitcoin ‘s bearish movement, some are saying it drops further down and some are saying that it will experience bullish really once again. Previously this month, the Co-founder of Fundstrat Global Advisors, Tom Lee also forecasted that the value of Bitcoin will reach up to the. A&P 500 and it will be on new heights.