Despite the growing turbulence in the prices of Bitcoin, it has got a major endorsement from Mark Yusko, the veteran in the field of the hedge fund. Yusko, the founder, CEO, and CIO of Morgan Creek Capital emphasized that one should not be deterred from buying the cryptocurrency considering the ongoing fluctuation in the prices.
Recommending that investors should “buy it” as the ongoing instability is part and parcel of the crypto world. His comments came close on the heel of the latest round of Bitcoin’s devaluation with digital coin plummeting to its lowest value of $7944.33 since June 2019. Brushing off the concerns related to fluctuation, Yusko said that daily price of the Bitcoin “doesn’t matter” and the user-base patronizing the Bitcoin has on the rise since 2009. There is a large scope of expansion as the cryptocurrency network is still very small.
Giving the analogy of Amazon and comparing it with Bitcoin, Yusko said that it is quite natural for the prices of an asset to fluctuate and it should not make the investors nervous about the long-term viability of the financial asset.
Just a couple of months back, when the prices of Bitcoin were touching $12,000 level, Yusko commented that the cryptocurrency might reach the level of $30,000. Back then he said that before world witness the next level of the pullback in Bitcoin value, the coin could hit its lifetime high value of $30,000.
History of Bitcoin indicates that its value had been mired in fluctuations. Bitcoin reached almost the level of $20,000 in December 2017 but crashed down more than 70% of its value in 2018. In 2019, however, the coin has made significant progress with its value doubling than the price it commanded last year.