Bitcoin, the crowning cryptocurrency crashed from $10000 mark to a low of $7000 figure and managed to quickly jump to $8000 mark at the time of reporting. This undoubtedly raised the concern of traders, bitcoin enthusiasts and community to dig deeper on what could cause such a drastic decline. As always it is, many failed to provide specific reasons why bitcoin had one of its worst weeks this year.
However, Mark Yusko who is the founder, CEO and chief investment officer of Morgan Creek Capital Management shared his views on bitcoin’s ongoing value. According to him, Bitcoin should be treated like the stocks of Amazon. Just like the stocks of Amazon surged by over 1700% in the past 20 years, Mark says investors should buy bitcoin at any price as he compared the ten years history of Bitcoin to Amazon. He further pointed out that investors with long-term views don’t think about the daily volatility in the price of bitcoin. As such, he thinks that short-term price fluctuations are irrelevant.
The daily price of bitcoin doesn’t matter… It has been alive for 10 years [and] every year, other than once — 2015, it has made a higher low. The market cap has grown every single year, Mark said. Every fundamental of bitcoin… usage wallets, block size transaction, several transactions and rising hash rates point to a higher price.
With the bullish comment, he says that such fluctuations give a solid reason to buy and not sell it. While the Bitcoin price continued to plunge and constantly seeing the downtrend in an everyday chart, traders and enthusiasts seem to be waiting for the best time to sell – however, as a response to “when was the right time to sell bitcoin”, Mark answered “Never”.
“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,” he said.
As per the data provided by coinmarketcap, the value of Bitcoin is currently surging by 2.09 percent over the past 24 hours, counting the market capitalization of $147,562,992,461. Moreover, its positive move with the price $8215 against USD might be the key reason behind the surging prices of other cryptocurrencies in the market.
Image Source – Flickr
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