Bitcoin more favorable for economic recovery than any U.S-China bilateral effort, claims Mark Yusko
CEO and Founder of Morgan Creek Capital, Mark Yusko, recently appeared on CNBC’s Fast Money to discuss the possibilities of a deal between the U.S. and China, when they resume trade talks next month in Washington D.C. However, he made quite a few fans in the cryptocurrency community after he said that he favors Bitcoin over any kind of bilateral cooperation between the two countries for economic recovery.
According to the Morgan Creek Founder, it is highly unlikely that China will back down, adding that the fight has changed from being ‘Made in China’ to being ‘Made for China’ as they trudge forward to become the largest consumer market in history.
Yusko also said that China is no longer worried about exports, with the country only being able to satisfy the growing material appetite of its middle class through imports. He went on to say that the market is still overvalued and that things will get worse in 2020, “when the debt bubble pops.”
When asked about Bitcoin after its recent drop to $8000, Mark Yusko said that its daily price did not matter, highlighting the fact that every year since its inception (except 2015), Bitcoin has made higher lows and possessed a greater market cap than it did the previous year. He further pointed out that every fundamental indicator for Bitcoin, including usage, transactions and hash rate, is making new highs and that the price of any asset is bound to fluctuate.
Yusko then went on to compare Bitcoin with Amazon’s stock, where the average peak to trough on the stock has been -31%, while only 3 people have owned it since the IPO.
He concluded that despite a 42% correction from the peak this year, Bitcoin has still marked over 100% gains since the start of the year, a time when it was valued at less than $4000.