Defending the cryptocurrency, the Morgan Creek founder said that like Amazon, Bitcoin is only a buy.
Bitcoin (BTC) is a buy and it has never been the right time to sell it, serial investment manager Mark Yusko has told mainstream media viewers.
Yusko on Bitcoin: All indicators rising
Speaking to CNBC in an interview on Sept. 27, the founder, CEO & chief investment officer of Morgan Creek Capital Management compared Bitcoin’s ten-year history to Amazon.
He was responding to concerns from regular cryptocurrency host Melissa Lee over the Bitcoin price, which fell below $8,000 on Thursday.
For Yusko, while the price of Bitcoin can go up and down, year-on-year growth gives a solid reason to buy and not sell it.
“All the indicators of the network and the network value are rising; the price of any asset fluctuates,” he explained.
Examples included network hash rate, transaction volume and wallet numbers, all of which have continued their upward trajectory this year.
Betting on a bullish return
Yusko thus concluded that selling Bitcoin would be like selling shares in Amazon — so far, there has not been an advantageous point to do so.
“In every year, including this year, it’s had a double-digit drawdown. The average peak-to-trough: 31%, twice 90%. When was the right time to sell? Never,” he said.
Earlier this month, Fundstrat Global Advisors co-founder Tom Lee predicted Bitcoin would rally once the S&P 500 put in new highs.
