Hedge fund CEO Mark Yusko hasn’t lost any faith in the Bitcoin, but he is less than confident in the outcome of the alleged “trade deal” in progress between the United States and China.
Yusko went on CNBC for a rare interview on Thursday and made no bones about his continued support for cryptocurrency, specifically Bitcoin. Although the thrust of his interview was focused on the Trump White House and its bumbling trade gaffs on the global stage, Yusko inevitably got on the subject of Bitcoin.
One of the CNBC hosts mentioned that Bitcoin had dropped under $8,000 yesterday, and Yusko began the crypto portion of his interview by interjecting: “buy it.”
Bitcoin’s Fundamentals Are Killing It, Forget About Daily Price: Hedge Fund CEO
The host, a bit miffed, retorted:
“If it was at $5,000, you’d tell me to buy it.”
This gave Yusko the opportunity to lay down his crypto principals, shortly before the end of the brief interview.
“Here’s the thing, the daily price of Bitcoin doesn’t matter. […] Every year, other than 2015, it’s made a higher low. […] Every fundamental indicator of Bitcoin […] is making new highs. […] Network value […] is rising.”
Bitcoin’s hashrate just hit another all-time high.
— Pomp ? (@APompliano) September 27, 2019
Despite the massive influence of cryptocurrency in recent years, Yusko is still a bit of an outcast among his class of professional.
Yusko called the Trump administration’s trade negotiations with China a “solution without a problem” and insisted they would come to nothing.
For one thing, he said, the US wants China to admit wrongdoing, which is unlikely to happen.
Yusko’s firm is well-known in crypto circles as a serious Bitcoin bull, and through previous down markets the Morgan Creek has continued buying as much crypto as possible.
They have also made headlines for such feats as attracting police retirement funds to invest in cryptocurrency.
See the full interview below.