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Speaking to CNBC this week, hedge fund manager Mark Yusko believes investors will take profits due to the cryptocurrency’s sharp rally over the last few weeks.
“There are a lot of people that think we could hit $100,000 by the end of the year. The stock to flow model says we should,” the Morgan Creek Capital Management CEO and CIO told CNBC’s “Trading Nation” on Friday. “I also wouldn’t be surprised of a little consolidation. Look, we’re up 40% this month which is only 15 days old.”
Bitcoin crossed the $60,000 mark for the for the first time since April on Friday.
“We’re excited, obviously, that people are recognizing that approval is likely imminent,” said Yusko, who’s also managing partner of Morgan Creek Digital “We’ve been bullish on cryptocurrency, and bitcoin in particular, for a long time.”
JP Morgan CEO Jamie Dimon continues to be less optimistic.
He referred to the digit asset as "worthless," and questioned whether its supply can in fact be capped at 21 million.
He's not alone.
Jerome Powell, chair of the Federal Reserve, says they are highly volatile and therefore "not really useful as a store of value and are not backed by anything."
He adds: "It's more a speculative asset that's essentially a substitute for gold rather than for the dollar."
- Aaron Goldstein, Gambling911.com
