The CEO of investment firm Morgan Creek, Mark Yusko, offered some extremely positive remarks on Bitcoin and the cryptocurrency market. In an interview on CNBC’s Fast Money, Yuski said that Bitcoin would be a very good investment in both the short and long term.
— CNBC's Fast Money (@CNBCFastMoney) November 27, 2018
When asked about what kind of time frame Bitcoin would take to reach the kind of levels that have amateur investors throwing their savings into the market, Yusko said,
If you buy in today, I don’t think you would have to wait a long time to make a nice return…Over a decade, I think you can make 20-times plus your money.
He also spoke of the Bitcoin futures market, underestimating to what degree expiry dates and selling pressure would negatively affect prices. This, he believes, might have contributed to the recent bear market.
This is not the first bullish statement made by Yusko. Last year, during the peak of the cryptocurrency market, Yusko predicted that Bitcoin would eventually be valued at $400,000, comparing it to the internet in the late 80s and early 90s. In late August, he told CNBC that pension funds, endowments, and family offices are seeking to invest in this area.
Yusko also worries that traditional financial markets will suffer in the coming years, largely due to credit.
I think this year, will continue to melt slowly like a melting ice cube. I think next year, with the economic slow down it gets worse, probably double digit drops and the big year is 2020, when the credit bubble starts to blow up. Every company has binged on cheap debt, they have over-levered, there’s 14% of companies of S&P can’t service their debt with the next three years of ebitda.
Morgan Creek Colleague Anthony Pompliano Agrees with Yusko
Fellow Morgan Creeks associate and prominent Bitcoin Enthusiast Anthony Pompliano shares Yusko’s positive outlook on digital assets — more so, in fact. Early in 2018, Pompliano predicted that Bitcoin would hit $50,000 by the year’s end, but revised his prediction later to say that the market would slump to $3,000 levels.
Pompliano also recently made an appearance on CNBC, offering some assurance about the cryptocurrency market by claiming that Bitcoin was the most secure settlement transaction layer and the best-performing asset class of the decade.
— CNBC (@CNBC) November 26, 2018
The short-term bearish prediction does not deter Pompliano in the slightest, as he consistently comments on how the asset will become a new store of value and an indispensable part of a revolutionary future economy.
Forecasts on Bitcoin waver from the pessimistic to the ridiculously high — Pompliano and others see the bear market continuing for some time, while others, such as Fundstrat’s Tom Lee, hold onto the belief that Bitcoin will rise to over $10,000 by the end of 2018.