Sep 24, 2018 18:00 UTC
Sep 24, 2018 at 18:00 UTC
Morgan Creek Capital Management: Cryptocurrencies will Replace Fiat Currency
According to the American asset management company, Morgan Creek Capital Management in the near future cryptocurrencies will replace the fiat currencies. The asset managers are suggesting investors to start investing in digital assets. The company is providing access to digital assets institutional investors through its Digital Asset Index Fund. the fund is known for tracking top ten crypto assets.
In its 2Q/2018 Market Outlook and Review, asset managers made a bold claim by stating that the cryptocurrencies will replace the fiat currencies entirely in the future. According to the asset managers of Morgan Creek Capital Management, blockchain is a revolutionary technology which will disrupt the entire chain of value in the same way as the internet disrupted commerce and communication. Very soon the money will go away and will be replaced by the digital money of the Internet of Money. Cryptocurrencies are here to stay and they will become more common in the future.
Crypto pessimists believe that decentralized cryptocurrencies are fraud and the crypto bubble has popped. Despite these kinds of views, Morgan Creek believes that the long-term crypto chart is positive and in the coming decade cryptos will replace the fiat currencies. According to Morgan Creek, Bitcoin is following 2014 Logarithmic Non-Linear Regression model. The model has predicted that Bitcoin will pass the mark of $10,000 in November 2017 and in the next three years; the price of Bitcoin will be over $100K. Technological advancement such as Lightning Network will speed up the adoption rate of cryptos. According to the Logarithmic Non-Linear Regression model, Bitcoin will reach to $22k by the end of 2018, $41k by the end of 2019, $75k by the end of 2020, and $100k by the middle of 2021.
Events such as Northern Trust’s cryptocurrency custodian services and ICE launching its cryptocurrency exchange ecosystem will also support the growth of the Bitcoin network. Though the price of cryptocurrencies will not rise overnight, it will slowly and steadily achieve its targets. There are so many spikes in the volatility of Bitcoin as most of the Bitcoin does not change hands which lead to lower trading volume and intra week price fluctuations.
Asset managers of Morgan Creek believe if the individuals will keep 5% digital assets in their portfolio, they can have a significant positive impact on their portfolio and can make huge profits