..

Bitcoin Bull Mark Yusko Sees Trouble at $60,000

Written by:
Aaron Goldstein
Published on:
Oct/17/2021

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.

bitcoin-sv-ad.png

“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

Business/Financial News

El Salvador's Bitcoin City Lacks Sewage Treatment Plan

It's already been determined there will be no tax on income, capital gains, payroll or property.  What could possibly go wrong?

First "Bitcoin City" is Coming to El Salvador

First "Bitcoin City" is Coming to El Salvador

El Salvador would initially issue a $1 billion bond backed by bitcoin to begin raising funds for the planned city.

Bitcoin Bloodbath as the Big Reveal is Almost Here

Bitcoin Bloodbath as the Big Reveal is Almost Here

Bitcoin has crashed to $56,770 as of Thursday evening, representing a greater than 12% loss on the week, down from just over $66,000.  Meanwhile a Miami jury is set to decide once and for all the true identity of Bitcoin's founder in just a matter of days.

Royal Australian Air Force (RAAF) Wing Commander Donald Lynam: Wright is Satoshi

Royal Australian Air Force (RAAF) Wing Commander Donald Lynam: Wright is Satoshi

And he claims Wright ‘was the sole author of the Bitcoin white paper’ as he testifies in the Kleiman-Wright trial Thursday.

Kleiman vs. Wright Case: Defense to Call Expert Witness Likely to Show Hard Drives Tampered With

Kleiman vs. Wright Case: Defense to Call Expert Witness Likely to Show Hard Drives Tampered With

On Tuesday, the plaintiffs concluded their presentation as to why the jury should believe Ira Kleiman when he says he is entitled to what he says is his late brother Dave Kleiman's share of Dr. Craig Wright’s $74 billion fortune.

Syndicate