If you have been reading the Bitcoin news lately, you probably know that the price of the most dominant cryptocurrency managed to slip again – and fell in the $8,000 region. However, one analyst suggests that traders should never sell Bitcoin – implying that the price will improve in the future.
We are talking about the serial investment manager Mark Yusko who is in the latest cryptocurrency news for advising mainstream media viewers to hold their Bitcoin. Yusko spoke to CNBC in a recent interview, where the founder, CEO and chief investment officer at Morgan Creek Capital advised to never sell Bitcoin, comparing the ten year history of the cryptocurrency to Amazon.
Yusko also responded to the concerns pushed by the regular cryptocurrency host Melissa Lee over the price of Bitcoin which dropped below $8,000 recently. He said that while the price of Bitcoin can go up and down, year-on-year growth gives a solid reason to buy and not sell the most dominant cryptocurrency.
“All the indicators of the network and the network value are rising; the price of any asset fluctuates,” he explained.
The examples of this include the Bitcoin hash rate, transaction volume and wallet numbers. All of these have continued their upward trajectory this year, which is why Yusko advises to never sell Bitcoin.
The serial entrepreneur also spoke about the outcome of selling BTC. He is featured in the Bitcoin news now for stating that selling Bitcoin would be like selling shares in Amazon – so far, there hasn’t been an advantageous point of doing 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, the co-founder of Fundstrat Global Advisors Tom Lee predicted that Bitcoin would rally once the S&P 500 put in new highs. With this, Lee also joined the bandwagon saying “never sell Bitcoin” which is definitely his all-time belief.
As we can see in the news today, Bitcoin is trading at $8,266 which is a slight improvement from yesterday but still a decrease of more than 20% on a weekly basis.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post