Morgan Creek CEO: Bitcoin (BTC) Will Outperform Stocks Over Next 10 Years

Siamak Masnavi

In a recent interview with CNBC's post-market show Fast Money, Mark Yusko, the Founder, Chief Investment Officer (CIO), and Chief Executive Officer (CEO) of SEC-registered investment advisor Morgan Creek Capital Management, explained why Bitcoin (BTC) "should be in everybody's portfolio."

Yusko started his interview with CNBC anchor Melissa Lee by saying that he would not be surprised if the American stock market suffered a 12-14% loss by the end of this year, and this is why he was more excited about the emerging market countries (especially, China, Argentina, Russia, Brzail, and South Korea).

Furthermore, he believes that America's central bank, the Federal Reserve System (Fed), is more likely to announce an interest rate cut rather than hike in the near future, which suggests to him that the Fed expects some kind of recession (at least, a light one, such as the recession of 2001).

Another host, Fast Money trader Brian Kelly, the founder and CEO of crypto hedge fund BKCM LLC, then said to Yusko that this this sounds "terrible" for most U.S. investors, and asked where would be the best place for them to put their money, before saying "Please say Bitcoin!".

The Morgan Creek CEO replied "I would definitely say Bitcoin!" before reminding the hosts of the show about Morgan Creek's "Buffett Bet 2.0" challenge, which Anthony Pompliano, a Founder and Partner at Morgan Creek Digital Assets, first told CNBC about on 6 December 2019.

You see, legendary U.S. investor Warren Buffett won $1 million in 2017 by betting that the American stock market index S&P 500 (SPX) would perform better than a group of 5 managed funds. However, unlike Buffett, Morgan Creek is betting against the S&P 500, and says that it is willing to bet $1 million that its basket of cryptocurrencies, the Digital Asset Index Fund, will outperform the S&P 500 over the next 10 years, with the understanding that the winner would donate the money to charity (just as with the Buffett challenge).

Yusko said:

"We got no takers. Now, it's a good thing they didn't take it because Bitcoin is up over 100% this year, the S&P is up over 14%, but going forward here, even over the next year, the next 10 years, it's not going to be close."

He then explained why:

Bitcoin is a great diversifying asset. It has very low correlation [to stocks]. It should be in everybody's portfolio."

On May 9, Yusko said, during an interview with news anchor Layah Heilpern on BloxLive TV, that he saw Bitcoin as digital gold, and he expected its price to reach around $400,000 within a decade.

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Crypto Market Update: Focus on BTC, ETH, BCH, BNB, XMR, and DASH

Siamak Masnavi

This article provides a quick overview of how the crypto markets have been doing—with the focus on Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Binance Coin (BNB), Monero (XMR), and Dash (DASH)—over the past 24-hour period.

Overall, September 17th is proving to be a bit of a mixed day, with 12 of the top 20 cryptocurrencies (by market cap) in the red at press time (around 06:25 UTC).


BTC-USD 24 Hour Chart - 17 Sep 2019.png

The bad news is that are still waiting for the launch of Bakkt's physically-delivered daily and monthly Bitcoin futures contracts. So, Bitcoin is still trading mostly sideways, hovering around the $10,300 mark. The good news is that the launch is expected to take place in less than one week (i.e. on September 23), as was confirmed by this tweet that Bakkt sent out on September 16:


ETH-USD 24 Hour Chart - 17 Sep 2019.png

The Ether (ETH) price continues its upward movement toward the $200 mark, up another 2.24% in the past 24-hour period (making it up 4.32% in the past 7-day period). What may have helped the Bitcoin price yesterday (September 16) is the announcement by crypto payment processor BitPay that in the near future it will be possible for its customers to accept Ether payments for purchases of goods and services. Also, the BitPay wallet will support Ether.

Ethereum co-founder Vitalik Buterin had this to say about the news:

"It is exciting to see BitPay leading the way in integrating Ethereum into global payment systems. This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real world use cases for cryptocurrencies.


BCH-USD 24 Hour Chart - 17 Sep 2019.png

On Monday (September 16), announced that it had entered into a strategic partnership with Taiwanese smartphone manufacturer HTC, as a result of which the wallet will come preinstalled on HTC's current and upcoming blockchain phones (Exodus 1 and Exodus 1s):


BNB-USD 24 Hour Chart - 17 Sep 2019.png

Although BNB is currently in the red, this may change during the next several hours once all of the six mini announcements that Binance plans to make today have come out:

The first of the six announcements that Binance CEO Changpeng Zhao (aka "CZ") referred to is the addition of support for Cosmos (ATOM) to Binance's Margin Trading platform:


XMR-USD 24 Hour Chart - 17 Sep 2019.png

OKEx Korea announced on Monday (September 16) that it intends to delist all five privacy coins it is currently supporting, i.e. XMR, DASH, ZEC, ZEN, and SBTC, due to concerns that these cryptocurrencies do not allow it to implement FATF's so-called "travel rule". 10 October 2019 is the date on which transaction (i.e. trading) support ends.


DASH-USD 24 Hour Chart - 17 Sep 2019.png

Since OKEx Korea's delisting announcement mentioned DASH, you would expect it to be down today, just like XMR. However, it is not, and that is very likely due to the fact that today (September 17) is the day that trading in DASH is expected to start on Coinbase Pro on/after 09:00 PST (16:00 UTC) provided that there is sufficient liquidity.

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