Morgan Creek CEO Mark Yusko has claimed that Bitcoin is going to retrace in the current year. He compared the flagship currency to the risk assets that may rise again, like the tech stocks recovery that took place after the dot com bubble. The dot com bubble took place in 2000, following the crash of some of the biggest internet services startups.
Mark Yusko’s Prediction About Bitcoin
Yusko was giving an interview to Blockworks when he claimed that Bitcoin is on course to outrun Gold. He claimed that the Bitcoin price correction taking place in 2022 was a phase, and it suggested that he believes that the market bottom has matured for crypto.
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Bitcoin is set to have a successful year in the international financial markets in comparison to Gold, as per Yusko.
It is important to note that Gold and Bitcoin are two trading options that are considered international trading options. As per Yusko, Bitcoin is set to have a better price movement for the year 2023, and he also jokingly remarked that Schiff is going to be crying.
He was referring to Peter Schiff, who is an outspoken supporter of gold trading and has been vocally critical of Bitcoin.
Yusko compared the Bitcoin market setback to the 2000 market reset. He talked about the similarities between both trading eras. As per his remarks, the current market conditions share a lot in common with the crash taking place in the 00s.
He also talked about controversial companies like Enron and Tyco defrauding people. He said that for some time, people believed that other online companies like WorldCom and Pets.com are going to meet the same end.
As per Yusko, the DeFi markets are experiencing the same lack of enthusiasm following the 2000 crash. He claimed that the companies that were able to live past the 2000 disaster were doused in the same light as during the critical era. He noted that NASDAQ went up by 84%, and then it took a big step back.
Stocks like Peloton appreciated and fell, and Tesla stocks also meander. He explained that the shifts and turns in the market are very similar to the bubble chart. However, as soon as the storm passed, NASDAQ experienced a parabolic comeback.
It took two decades to make way for a super parabolic development of the tech markets and was able to go much higher than the peak of 2000.
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