• Mark Yusko advises people to keep buying crypto dips

  • Mark Yusko, the founder, CEO, and CIO of Morgan Creek Capital Management, is still interested in Bitcoin (BTC/USD) and other digital assets. During an interview earlier today, he revealed his bullish stance on the crypto space, saying that the market’s poor performance is a black Friday bargain. He cited strengthening fundamentals as one of the reasons he remains bullish on Bitcoin despite its recent drop.

    According to Yusko, the number of BTC users, wallets, and transactions has significantly increased, making the network even better. As an investor, he is perplexed as to why people would leave the store when items are on sale.

    In response to Turkey’s current inflation rates, Yusko stated that BTC is ideal as a store of value because it functions as digital gold. While admitting that gold has been a great store of value for over 5,000 years, the Morgan Creek Capital Management founder believes that digital gold is superior. He stated that one of the advantages of BTC over gold is that it is more portable and divisible.

    When compared to the fiat currencies of countries such as Venezuela and Zimbabwe, he claims that Bitcoin is not improving. Instead, he believes that the fiats are worsening. Yusko went on to say that the same thing is happening all over the world, with countries racing to the bottom due to debt.

    With such countries’ only option being to devalue their currencies, Yusko believes it is critical for investors to have crypto in their portfolios as a store of value.

    People should not be alarmed by the crypto market’s decline.

    According to Yusko, machines are largely to blame for the market’s current poor performance because people are increasingly absent from markets ahead of the holidays. He went on to say that machines react rashly to any market-related news in order to make short-term profits.

    The announcement of a new South African COVID strain is one of the news items that Yusko believes triggered this bloodbath. Nonetheless, he urged early cryptocurrency adopters to buy what they could and hold the line. He went on to say that panicking would only scare investors into prematurely exiting their positions.

    Although Yusko encourages investors to buy cryptocurrency, he advises them to consider dollar-cost averaging rather than buying in one lump sum. He stated that the price of Bitcoin does not matter because its volatility is driven by humans and machines.

    Yusko finished by saying,

    What you want to do is continue to amass ownership of the world’s most powerful computing networks. Here, ownership gives you an advantage.

    What's your reaction?