Recently on the CNBC Fast Money show, Mark Yusko, the CEO of Morgan Creek Capital Management, claimed that Bitcoin price is likely to be on the next parabolic move and is heading to $30,000.
CNBC Fast Money recently interviewed Morgan Creek Capital Management CEO Mark Yusko and asked him questions about the stock market and Bitcoin as well. At the end of the interview, Mark said that it looks like Bitcoin price is about to make its next parabolic move and, possibly, is heading to $30,000.
“I think we’re in the next parabolic move. That will take us probably into the $30,000 level before we get another little correction,” said Mark Yusko.
He also mentioned that Bitcoin price has surged +70% since October 2018 thus being the best investment class in the market. At the same time, when speaking about the stock market in the same period, he explained that it has been operating in almost flat levels.
Additionally, Mark went on and backed his colleagues’ Anthony Pompliano’s prediction of $100,000 by 2021, saying that Bitcoins’ “path to $100,000 by 2021 is really quite easy to draw out”.
Stocks retreating from records in the past two sessions, and @MarkYusko says there could be more downside ahead. Here’s why. pic.twitter.com/MOWVX31TBH
— CNBC’s Fast Money (@CNBCFastMoney) July 8, 2019
“The Stock Market Is Overvalued”
When speaking about the traditional stock market, Mark Yusko explained that he thinks that the stocks are overvalued. He thinks that there is a “risk of a downside” incoming. He went on and mentioned that a few people believe that an interest rate cut would be a good thing for the market.
Mark thinks otherwise. He believes that those saying that are not looking at the reason why the Fed would cut rates:
“The earnings and growth is going to be a disaster. So you’re going to be discounting a lower number, you get a lower number.”
Moreover, he says that there’s nobody who would stand up and say that the earnings are going to be great in the near future when looking at the S&P500 index.
Also, when speaking about the China-USA trade war a reported claimed that this could possibly trigger an upwards movement to what Mark Yusko replied that the market has already been priced in 4 times and that it’s more like a “buy the rumor, sell the news” type of a thing.
Moreover, he believes that there will be no China trade deal because China was willing to sign one two months ago, but Trump backed away. Citing other sources, he said that there is no deal that the USA can offer China, and most likely there won’t be a deal at all.
“Remeber, hope is not an investment strategy. It’s a four letter word. That the hope of a trade deal just isn’t going to happen,” explained Mark.
At the time of writing, Bitcoin is back above the $12,000 level and is trading +8% in the past 24 hours with a price of $12,493, judging by the data of CoinMarketCap.
