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With the cryptocurrency market on a year-long downward trend, a lot has changed for the individual cryptocurrencies in the market. All the cryptocurrencies in the market so far have booked double digit losses and have had a pretty rough time. But, this being said, the cryptocurrency market has also changed the minds of many industrial big-wigs as to its place right now and its future here on.
Morgan Creek Capital Management’s CEO, on a show on CNBC called Fast Money, spoke about the king of the cryptocurrency market Bitcoin. He admitted that he was wrong about the market and went on to say that Bitcoin, strictly from an investment point of view, is a good investment for investors who are in the market for the long haul and that the market will triple in its value in the next decade or so.
The show for the last couple of weeks has been notoriously following and reporting every trend in the market. It has also covered the entire Bitcoin market crash throughout the last couple of weeks. With that being the theme of the show, the show’s host invited Morgan Creek Capital Management’s Mark Yusko as a guest appearence on the show.
Mark Yusko further added that he had misjudged the market’s stance and he also brought up the CBOE’s BTC future vehicle. He went on to say that when he had made up his mind about the cryptocurrency market, it was still a small market and that it didn’t have enough volume to actually qualify as a good investment, but now, with almost $4.6 billion USD a day in trades the market has more than proved itself.
Good Time To Get In
When further led to discuss the fall that the cryptocurrency market took over the last couple of months, Yusko said that the cryptocurrency market is currently going through a short-term downward trend that will soon rectify itself and then some. He predicted that over the next decade, the king of the cryptocurrency market; Bitcoin will go up 20x its current value and will see more stability and traditional investments.
Although he is a strictly traditional man in terms of his financial investments and such, he said that now may not be a bad time to get into the market. He further said that the downfall of the cryptocurrencies right now, provided new investors the perfect window to enter into the cryptocurrency market, specifically with Bitcoin in mind.
Alligning of Opinions
Over the last one year, the cryptocurrency market has not only seen its peak value of almost $20,000 USD, but it also changed a lot of minds. The cryptocurrency market peaked last December, showcasing return percentages that the stock market can never match up to. Further, the cryptocurrency market also caught the attention of many institutions and regulatory bodies.
Over the last year, a lot of people have seen and gone on record to predict the future of the cryptocurrency market. Having seen a large potential for profit, growth, and space, many traditional financial investors have redacted their previously negative statements and come out in support of the cryptocurrency market. Names like Soros, Rockefellar, etc entered the market last December and more are expected to now with the market at an attractively low price.
Along with Mark Yusko, many other people have come on Fast Money and its contemporary shows and pledged their support for the cryptocurrency market. The cryptocurrency market is slowly changing minds across the finance industry and this is a leap in the direction of growth.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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