Bitcoin might have dropped more than 20% in less than 7 days but these day-to-day fluctuations shouldn’t deter the investors, said hedge fund veteran Mark Yusko on Thursday.
Speaking with CNBC in an interview, Yusko compared Bitcoin’s a decade old history to that of Amazon (AMZN).
While talking about Bitcoin price, that dropped below $7,800 on Sept. 26, with “Fast Money” host Melissa Lee, he said BTC is a buy opportunity.
“All the indicators of the network and the network value are rising; the price of any asset fluctuates,” he explained.
This year not only the price surged over 200% before taking a hit, other fundamentals like hash rate, wallet numbers, and transaction volume, have also been on an upward trajectory.
“Buy it,” said Yusko as the daily price “doesn’t matter.”
He further said the user base of the leading cryptocurrency has grown during these last 10 years. Although, he agrees that the network is still small.
He then compared the cryptocurrency to Amazon, saying: “the price of any asset fluctuates.” Selling Bitcoin now would be like selling Amazon shares, meaning not a smart thing to do.
“In every year, including this year, it’s had a double-digit drawdown. The average peak-to-trough: 31%, twice 90%. When was the right time to sell? Never,” he said.
Earlier this year, Yusko said the cryptocurrency would hit $30,000 before making the next major pullback. “We are in the next parabolic move,” he said at that time when BTC was around $12,000. Bitcoin would rally when S&P 500 hits a new high.