Crypto Rally Just Getting Started, Says Mark Yusko
- Morgan Creek Capital founder and CIO Mark Yusko says that Bitcoin (BTC) and the crypto markets have now entered bull territory.
- Yusko believes Bitcoin is poised to replace gold as the base layer of money.
- At time of writing, Bitcoin is trading for $30,787.
Yusko’s Views on Crypto Markets
Morgan Creek Capital founder and CIO Mark Yusko says that Bitcoin ( BTC ) and the crypto markets have now entered bull territory. In a new CNBC interview, Yusko says that Bitcoin and the crypto markets are in the early stages of a fresh bull market that could last until next year when BTC goes through its next halving event. He shared his timeline for this market cycle: “I think the rally is just beginning. We just entered what’s called the seasonal period of crypto summer. There’s this four-year cycle around something called the halving which is where the block rewards for the Bitcoin blockchain change every four years. That causes a period of accumulation going into that. That event will occur next April. Then we usually get a speculative blow-off after the halving event and then an overreaction on the downside called crypto winter.”
Bitcoin Replacing Gold As Base Layer Of Money
According to Yusko, Bitcoin is poised to replace gold as the base layer of money: “Bitcoin is digital gold. It is taking the place of what gold did for 5,000 years. There’s only one money in the world: that’s gold. Money is an asset that exists in the absence of a liability. Gold has played that role – it sits at