Dec 18, 2021 02:59 GMT
After renewing the all-time high of $ 69,044 in November 2021, the cryptocurrency lost more than 30% and is currently trading above $ 46,000.
Mark Yusko, a hedge fund manager at Morgan Creek Capital Management, insisted in an interview with Forkast.news that fluctuations in bitcoin do not affect its fundamental long-term growth prospects.
“It is interesting that in the short term, when prices fall, as they have done in recent weeks, people start to get a little uneasy and start to question these long-term trends and fundamentals,” said the expert, emphasizing that ” the price [actual] trading is misleading. “Yusko attributes the recent slide in the digital currency to the launch of a series of US exchange-traded funds (ETFs) based on bitcoin futures.
“If we look at the price of bitcoin in dollars, it is considerably higher today than it was at the beginning of this year. It is much higher than it was a year ago, or two years ago, or 10 years ago, or at the beginning. That is not. It is necessarily due to the fact that bitcoin has improved, […] it is because the dollar continues to depreciate, or the yen continues to depreciate or the euro continues to depreciate, “Yusko said.
At the same time, the investor said that he remains firm in his belief that bitcoin will reach $ 250,000 in the next five years. After renewing the all-time high of $ 69,044 in November 2021, the cryptocurrency lost more than 30% and is currently trading at about $ 46,000, according to data from the Coingecko portal.
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