From betting on Bitcoin as a long-term play to booking travel plans with five more currencies, here’s a look at some of the stories breaking in the world of crypto.
Crypto investor Mark Yusko says Bitcoin is a buy, despite dipping to the $8,000 range. Even if it dropped to $5,000, BTC is still a buy, according to Yusko, chief investment officer at Morgan Creek Capital Management, which advises pension funds, endowments and high-net-wealth individuals.
Appearing on CNBC, the investment strategist compares price volatility and the big bet on Bitcoin to Amazon. He enumerates a list of key indicators he believes give Bitcoin a lot of upside potential.
“Buy it. Because here’s the thing: the daily price of Bitcoin doesn’t matter. It’s been alive for 10 years. In every year, other than one – 2015 – it’s made a higher low.
The market cap has grown every single year. Every fundamental indicator of Bitcoin – usage, wallets, block size, transaction size, number of transactions, every single one – hash rate – making new highs.
All of the indicators of the network and the network value are rising. The price of any asset fluctuates. Let’s take Amazon. 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. Who’s owned it since the IPO to today? Jeff and his mom and his dad. That’s it.”
Crypto payment processor BitPay is supporting Ethereum payments.
Starting this month, people can buy gift cards and top up BitPay cards using the world’s second largest cryptocurrency while businesses can accept Ether for client billing,