According to the latest reports, Mark Yusko said that Bitcoin’s bulls are just getting started. Check out the latest reports about this below.
Mark Yusko addressed Bitcoin bulls
According to Mark Yusko, the founder and CIO of Morgan Creek Capital, the current state of Bitcoin (BTC) and the cryptocurrency markets indicates a bullish trend.
In a recent interview with CNBC, Yusko stated that BTC and the crypto markets are in the initial stages of a new bull market that may continue till next year, when BTC undergoes its next halving event.
“I think the rally is just beginning. We just entered what’s called the seasonal period of crypto summer. There’s this four-year cycle around something called the halving which is where the block rewards for the Bitcoin blockchain change every four years. That causes a period of accumulation going into that. That event will occur next April.”
He continued and said this:
“Then we usually get a speculative blow-off after the halving event and then an overreaction on the downside called crypto winter.”
Yusko is also reiterating what he believes is the top use case of Bitcoin. According to the Morgan Creek Capital executive, Bitcoin is poised to replace gold as the base layer of money.”
“Bitcoin is digital gold. It is taking the place of what gold did for 5,000 years. There’s only one money in the world: that’s gold.
Money is an asset that exists in the absence of a liability. Gold has played that role – it sits at the base layer of currency. Currency backed by debt, created by governments to facilitate commerce, sits on top of money: gold.”
He also said that for 5,000 years, gold’s done a good job. But gold isn’t portable. It’s not divisible. “Bitcoin, a permanent, immutable ledger does play that role as a base layer of new money going forward.
