Nov 28, 2018 09:30 UTC
Nov 29, 2018 at 15:24 UTC
Mark Yusko Admits To Being Overly Optimistic In His Bitcoin Predictions
Many people in the financial sectors have missed out on the massive opportunities to invest in Bitcoin and other cryptocurrencies at their right bottom. While many headlines point out how bearish the current crypto market is, there is no doubt that Bitcoin offered an excellent investment opportunity several years ago.
Even though Bitcoin is down a major amount from the all-time high, it is worth over $4044, and that means an individual investor could have made 38x of his investment if he decided to sell now.
Many in crypto community point out that those in conventional finance never seem to admit that they were wrong. However, some high-profile veterans in the financial world have no issues admitting that they might have been wrong with regards to their predictions about Bitcoin.
Overly Optimistic Mark Yusko
A well-known hedge fund veteran, Mark Yusko, is one of those people. He is the chief investment officer and CEO of Morgan Creek Capital handling over one billion dollars in assets. He made a prediction tweeting earlier this year that he believed that Bitcoin would reach $25,000 by the end of the year. He also mentioned that he believed that one Bitcoin would be worth $500,000 by the end of 2024. You can find the tweet here –
— Mark W. Yusko (@MarkYusko) April 21, 2018
The Hedge Fund Veteran Admits For Being Wrong, Still Bullish Long-Term
It seems like Yusko was overly optimistic about the impact of the existence of Bitcoin futures, and was happy to admit that on CNBC’s Fast Money. “I was wrong,” he repeated several times. However, he pointed out that more people trade Bitcoin than ever before. “We are trading $4.6 billion a day of Bitcoin, versus five years ago, a sub…a couple hundred million,” he added.
— CNBC's Fast Money (@CNBCFastMoney) November 27, 2018
Though he still views Bitcoin as a solid investment. He elaborated, “If you are buying today, I don’t think you need a very long time horizon at all to make a nice return…over a decade, I think you can make 20x plus your money. I really do. I think it’s one of the few asset classes where you have that asymmetric return profile.”