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Morgan Creek Capital Management CEO Mark Yusko says the daily volatility in the bitcoin price shouldn’t matter to investors with long-term views.

Speaking to CNBC on Thursday (September 26, 2019), Yusko touched on the current bitcoin price decline, saying:

The daily price of bitcoin doesn’t matter. It has been alive for 10 years [and] in every year, other than once — 2015, it has made a higher low. The market cap has grown every single year.

Don't hold your breath in hopes of a trade deal, says Morgan Creek Capital Management's @MarkYusko. More on the risks he's seeing – and why he'd be buying bitcoin – below. pic.twitter.com/XcAeRKs5rB

— CNBC's Fast Money (@CNBCFastMoney) September 26, 2019

Bitcoin’s current decline has seen it set to see its first negative quarterly return for 2019. The top-ranked crypto by market cap achieved over 10% and 160% growth in Q1 and Q2 2019 respectively.

The last time bitcoin saw a negative quarterly return was in Q4 2018. Back then, the bitcoin price took a massive hit from $6,000, almost slipping below $3,000. Like the current decline, the late 2018 drop also occurred after a prolonged period of sideways range-bound accumulation.

The bitcoin price bloodbath which began on Tuesday (September 24, 2019) did see BTC drop from the mid-$9,000 to below $8,000 for the first time since June.

For Yusko, BTC at $5,000 still isn’t a signal to sell, instead, the investment manager said such a price level is a perfect buying opportunity.

According to Yusko, bitcoin as an asset is akin to Amazon shares. Commenting further, the Morgan Creek chief quipped:

Amazon has been a public company for 20 years. In every year, including this year, it’s had a double-digit drawdown. The average peak-to-trough — minus 31%, twice — minus 90%. When was the right time to sell? Never.

Despite the 15% haircut in the bitcoin price, the network fundamentals are still showing signs of significant growth. Yusko highlighted this point during the interview panel calling attention to indicators like hash rate, usage, transaction size, etc., all of which are making new highs.

As previously reported by Bitcoinist, the Bitcoin network doesn’t show signs of being deserted. Even the uproar over the recent hash rate crash seems to have been sorted out with normal service resuming in that regard.

Even with the drop, bitcoin price is still up about 120% since the start of the year.

Do you think bitcoin at $8,000 presents a suitable buying opportunity in time for another significant upward price rally?” Let us know in the comments below.

Images via Shutterstock, Twitter @CNBCFastMoney.

The post Daily Bitcoin Price Doesn’t Matter, Says Mark Yusko appeared first on Bitcoinist.com.

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