Mark Yusko, the founder, CEO & chief investment officer of Morgan Creek Capital Management, has been on CNBC, discussing why bitcoin is a ‘buy’ that you should hold on to.
The investment expert told CNBC’s cryptocurrency host Melissa Lee that bitcoin’s decade-long history could be compared to Amazon stock.
In response to a question about selling bitcoin after its price fell this week, Yusko said that while the price of bitcoin can go up and down, its 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, and talked about the hash rate, which has doubled in the past 24 hours, as Cointelegraph reports. Transaction volume and wallet numbers are other factors to look at, he added.
He went on to say that there is no “best time” to sell bitcoin, and compared it to selling shares in Amazon, saying that so far there has not been an advantageous point to sell the online retail giant’s stock. He said, “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!”