You may have found yourself contemplating, having some doubts every now and then about Bitcoin and/or even fed up with the whole cryptocurrency market ups and downs.
Don’t feel bad, you’re not alone. Even the most experience traders may have, at one point, asked themselves, “when is it the right time to sell bitcoin?” According to serial investment manager, Mark Yusko, that time is never. Yep, you read it right, NEVER!
Bitcoin indicators rising; says Yusko
Speaking to mainstream media viewers during an interview at CNBC on September 27, 2019, the Morgan Creek Capital Management founder, CEO and chief investment officer said Bitcoin is like Amazon during 10th year anniversary.
Yusko was addressing concerns expressed by CNBC’s regular cryptocurrency host, Melissa Lee about the most recent bitcoin price crash. BTC price fell to a 3-month low; losing 25% of value in less than 2 days.
Yusko expressed the same sentiment I have been expressing for years that the instability of Bitcoin’s price, which retreated below $8,000 on Thursday is opportunity to buy more, not sell.
Yusko said that,
“All the indicators of the network and the network value are rising; the price of any asset fluctuates.”
Those indicators he’s talking about include the bitcoin network hash rate, number of Bitcoin wallets created, and transaction volume. Statistically, all have continuing upward trajectory in 2019 and they’re only going to get better in 2020 and beyond.
Betting bitcoin bullish coming back
Yusko direct conclusion is that is it would be foolish to selling Bitcoin. He compares selling BTC at this stage to selling shares in Amazon 10 years ago or even right now.
“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,”
Co-founder of Fundstrat Global Advisors, Tom Lee predicted earlier this month that Bitcoin will get back on track and start rallying once the S&P 500 start putting in new highs, which should be before the end of this year.
Again, when is the right time to sell Bitcoin? The answer is always going to be… NEVER!