Mark Yusko, CEO of Morgan Creek Capital, emphatically ridicules the popular commotion about current Bitcoin markings.
Recent markings on the marketsIn recent days, we have seen quite rapid changes in cryptocurrency markets. Only this week the value of Bitcoin fell by nearly 17%, and then again returned to more than 10 thousand dollars. The price of BTC has almost always been the number one everyday topic in the industry. This year's markings allow us to believe that maybe we are facing another attempt to break the record which was set at the end of 2017. Certainly, global events also have an impact on cryptocurrencies. These include the trade conflict between the USA and China, fiat currency crises in Europe, or even the nomination of Boris Johnson as Prime Minister of Great Britain.
Mark Yusko's opinionMark Yusko in an interview for CNBC was asked about this year's increases compared to last year. An argument was also given for the turmoil in the global economy which caused a significant drop of Bitcoin's price. The head of Morgan Creek Capital emphatically ridicules these divagations:
The whole idea of Bitcoin is it’s a store of value. It’s a chaos hedge, or schmuck insurance, as I like to call it. People who are watching the daily price of bitcoin are really missing the whole point.According to Yusko, the key is long-term thinking, not looking for market markings every day. Bitcoin was created against the traditional financial markets. Yusko advises that whoever wants to enter this market should have a small percentage of their assets set aside in BTC in order to ensure that no crisis of fiduciary currencies will have a disastrous effect.