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Buy Bitcoin Now, Morgan Creek Capital CEO Mark Yusko Says

In the past few years, the bitcoin price has been on a roller coaster. In 2017, it surged to record its all-time high before receding and sinking into a persistent crypto winter of 2018. Bitcoin proponents still believe that great things are still ahead but for now, a lot is happening in the market. The biggest crypto experienced colossal losses on September 24 after a flash crash in the bitcoin network hash rate. According to technical analysis, Bitcoin is expected to test the psychological $7,500 support zone. However, not everyone is worried by the latest drop below $8,000. Mark Yusko, Morgan Creek Capital CEO, says that everyone interested should ‘buy it.’ He was replying in an interview when CNBC’s Melissa Lee asked him about the 15% Bitcoin price drop. He even went ahead to compare Bitcoin to the tech behemoth Amazon. According to Yusko, Bitcoin would still prove to be a great buying opportunity even if its price plummeted towards $5,000. The hedge fund manager is quite confident and explained that investors must never be distracted by the daily price moves however violent or volatile they may be. He said: “The daily price of Bitcoin doesn’t matter. It’s been alive for ten years. In every year (other than one – 2015), it made a higher low. The market cap has grown every single year.” Yusko refers to the fact that all fundamental indicators of Bitcoin including wallets, transaction size, usage, and block size are reaching new highs always. Therefore, it is evident that the network is gradually becoming more robust and its value is rising. The Amazon Similarity The bitcoin bulls and proponents are still hopeful that Bitcoin will stabilize and surge to greater heights in the coming years. Notably, there is a new narrative going around that the crypto will manage to replicate the gains and successes of the dot-com bubble favourites like Amazon. Yusko is quick to point to the company’s shares as an example that the road to new highs always features many hiccups. Amazon went public twenty years ago. So far, it has had double-digit draw-downs every year which also includes 2019. Yusko added: “What was the right time to sell it? Never, who has owned it since the IPO till today? Jeff and his mom and dad” For now, Bitcoin needs to replicate the positive enthusiasm that its community has about it if it is to get back on course to registering new all-time highs any time soon. Like what you're reading? Subscribe to our top stories The post Buy Bitcoin Now, Morgan Creek Capital CEO Mark Yusko Says appeared first on - Daily Cryptocurrency and FX News.

No US China Trade Deal Says Morgan Creek CEO, Better Buy Bitcoin

With trade talks between the US and China resuming next month all eyes are on the prospect of some kind of a deal. Not all are confident however and one industry executive still favors Bitcoin over any kind of economic recovery based on bilateral cooperation between the two powerhouses. China Won’t Back Down Founder and CEO of Morgan Creek Capital Management, Mark Yusko, joined the panel on CNBC’s Fast Money to discuss the likelihood of a trade deal emerging from the upcoming talks in Washington DC next month. Don't hold your breath in hopes of a trade deal, says Morgan Creek Capital Management's @MarkYusko. More on the risks he's seeing – and why he'd be buying bitcoin – below. — CNBC's Fast Money (@CNBCFastMoney) September 26, 2019 He stated that it was highly unlikely that China would back down and that tariffs are essentially a tax on poor people so they too have failed and should never have happened in the first place. He added that the ‘fight’ has now changed from outsourcing to China and ‘made in China’ to ‘made for China’ as it will be the largest consumer market in history. According to Yusko China is no longer worried about exports, it is all about importing now to satisfy the growing material appetite of its burgeoning middle classes. China is focused on doing deals to grow consumers domestically. When asked by the anchor about a trigger, Yusko replied that the market is still overvalued and things will get far worse in 2020 when the debt bubble pops. A recession is likely to trigger this as there is no longer the growth that flourished in previous years. What About Bitcoin The interesting comments came next when the chief executive was asked about Bitcoin. Naturally the first comment made by the anchor was its price, having dropped below $8,000 during intraday trading. “Buy it. The daily price of Bitcoin doesn’t matter, its been alive for ten years. In ever year other than 2015 it has made a higher low and market cap has grown every single year.” He added that every fundamental indicator for Bitcoin including usage, transactions, wallets, hash rate etc. is making new highs. All the indicators of the network and its value are rising but the price of any asset fluctuates. He went on to compare this with Amazon which has been a public company for twenty years. The average peak to trough on the stock has been -31% and he concluded that only Jeff and his parents have owned it since the IPO. Even in 2019 and even with a 42 percent correction from its high this year, Bitcoin is still in good shape. Since the beginning of the year when it was priced in the late $3,000 range BTC has made over 100 percent gains. The naysayers and doom merchants will continue to bash it regardless so Yusko’s reasoned commentary provides a solid counter balance to their FUD. Image From Shutterstock No US China Trade Deal Says Morgan Creek CEO, Better Buy Bitcoin was last modified: September 27th, 2019 by Martin YoungThe post No US China Trade Deal Says Morgan Creek CEO, Better Buy Bitcoin appeared first on NewsBTC.

Elementus, the New York-based blockchain analytics platform, raises $3.5M led by Morgan Creek Digital

NEW YORK, Sept. 25, 2019 /PRNewswire/ -- Elementus, the most advanced and versatile blockchain analytics platform, has successfully raised a $3.5M seed round with a syndicate of financial institutions, led by Morgan Creek Digital with participation from Avon Ventures, a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments, Stage 1 Ventures, Robot Ventures, and key angel investors. This round follows a $750k raise last July 2018 from Cherokee Acquisition, Maven 11 and other participants. This fundraise from prominent financial firms validates Elementus as the institutional-grade analytics platform needed to support the wave of institutions entering the cryptoasset industry. "The demand for the ...Full story available on

Fidelity Affiliate Avon Ventures, Morgan Creek, Lead $3.5 Million Funding For Elementus Blockchain Analytics Firm

A blockchain analytics company called Elementus has recently been able to raise $3.5 million USD from several backers including a sister company of Fidelity Investments. The company is focused on analyzing information about blockchains. For instance, it has recently invested the PlusToken case, which was a notorious Ponzi scheme. Elementus was created back in 2017 […]
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Fidelity Investments and Morgan Creek back $3.5 Million Funding Round for Elementus

Blockchain analytics firm Elementus has raised funding from several funds, including one linked to Fidelity Investments and Morgan Creek Digital. The firm aims to broaden analytics in the space by monitoring the use of cryptocurrency for illicit activities, similar to what Chainalysis does, as reported by Fortune, September 23, 2019. Tracking Blockchain Activity Bitcoin and otherRead MoreRead More. The post by Ashwath Balakrishnan appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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