The Bitcoin bull is on the pullback watch.
Hedge fund manager Mark Yusco believes investors will benefit from the sharp rise in cryptocurrencies over the past few weeks.
“Many people think it could reach $ 100,000 by the end of the year, and the flow and stock models say it should,” Morgan Creek Capital Management CEO and CIO told CNBC. ..Trading country“Friday.” I wouldn’t be surprised at the little integration either. You see, this month it’s up 40% in just 15 days. “
“It’s clear that people are aware that approval is imminent. We’ve been bullish on cryptocurrencies, especially Bitcoin, for a long time,” said Yusco, managing partner of Morgan Creek Digital. Told.
Still, he casts doubt on the sustainability of the latest performances.
“Given how much we are overbought right now, the refreshing pause doesn’t surprise me,” Yusco said. “There is a risk of buying rumors and selling news.”
“This is classic supply and demand. One of the nice things about Bitcoin as an asset is its limited supply,” he said. “We know every day how many Bitcoins will be mined through the mining process for the next 140 years.”
“I think Bitcoin has replaced gold, and now it’s digital gold,” says Yusko. “It’s the perfect store value.”
Part of his reasoning surrounds long-term deflationary forecasts. This is a rarely spoken scenario as the world is dealing with inflation surges and supply chain crises.
Yusko argues that upward pressure on prices is a terrible reaction to the blockade of the massive global Covid-19 economy.
“I think it’s really, really unlikely that we’ll have a period of full inflation,” he said. “Usually we are in a spiral of deflationary death. It has been going on for decades.”
He cites the aging of the population and the impact of large-scale viral aid measures as major catalysts.
“Demographics are bad and too many people are reaching retirement age. Too much debt,” Yusco said. “It all leads to deflation.”
Disclosure: Yusko owns Bitcoin, Ethereum, Gold and Coinbase shares.
Bitcoin bull Mark Yusco sees trouble for $ 60,000 and says it’s overbought
Source link Bitcoin bull Mark Yusco sees trouble for $ 60,000 and says it’s overbought