Morgan Creek’s CEO Equates Bitcoin To Amazon Shares

Morgan Creek’s CEO Equates Bitcoin To Amazon Shares
October 1, 2019


After undergoing a sharp correction, the cryptocurrency market has turned positive in the past 24 hours. Bitcoin (BTC) has gained 5.9% to trade at $8,456.74. However, it is still 13.9% below the price traded last week.  Ethereum (ETH) has gained 10% from prior close to trade at $184.11. XRP, the native currency of Ripple, is trading at $0.2585 levels, representing a 24 hour gain of 8.8%. Other major altcoins which have gained in the past 24 hours include EOS (EOS-$3.08, 11.2%), Bitcoin Cash ($233.64, 8.3%), Huobi (HT-$3.27, 7.6%), Ethereum Classic (ETC-$4.80, 7.1%), and Cosmos (ATOM-$2.63, 16.9%), Tron (TRX-$0.0147, 12.5%), LEO (LEO – $1.04, -0.1%),  Cardano (ADA-$0.0396, 8.0%), Binance Coin (BNB-$16.18, 7.1%), Monero (XMR-$57.83, 4.1%), OKB (OKB-$2.13, 2.9%), Litecoin (LTC-$57.17, 7.1%), Dash (DASH-$72.24, 5.3%), Tezos (XTZ-$0.9196, 6.7%), IOTA (IOTA-$0.2726, 4.5%), Stellar (XLM-$0.0614, 6.7%)and ChainLink (LINK-$1.81, 5.8%).


Government level initiatives

Venezuela central bank considering instating Bitcoin and Ether as reserve money

The central bank of Venezuela is currently looking at the option of making Bitcoin (BTC) and Ether (ETH) as reserve money. In this regard, the central bank is studying the pros, cons, and feasibility of the plan. Petroleos de Venezuela SA (PSDV), the state-run oil and gas enterprise, has appealed the central bank to explore the option, after the state-run energy company started facing difficulties in receiving payments from global clients due to the US embargos against Venezuelan President Nicolas Maduro’s current government.

The PSDV is planning to move Bitcoin and Ether to the Venezuelan central bank and then force the central bank to settle its suppliers in cryptos. To prevail over seclusion from the global financial system, the central bank of Venezuela is exploring strategies that would include cryptocurrencies in the nation’s global reserves, which is at a three-decade low of $7.90 billion.


Private sector initiatives

Ant Financial joins with Bayer Crop Science to build a blockchain solution

Ant Financial, which operates Alipay, has collaborated with pharmaceutical behemoth Bayer Crop Science, which owns Monsanto, to develop a blockchain solution for the food and crop sector. Bayer took over Monsanto for $63 billion in 2018.

The two enterprises inked a letter of intent to build a solution to improve tracking features and clarity. The venture was revealed at the Apsara Conference in Hangzhou, China.

Ant Financial also announced to the public that it aims to work on cross-blockchain compatibility, guidelines, and blockchain applications. The company’s Blockchain-as-a-Service (BaaS) product offering backs its own platform and also Hyperledger’s fabric.

An Ant Financial representative better illustrated the scope of the initiative: “[The aim of the partnership is to] create comprehensive, blockchain-based solutions designed to bring greater transparency to improve food safety and the efficiency of agricultural supply chains.”


Ripple buys Logos Network to build DeFi tools

Ripple, which facilitates a blockchain-based real-time gross settlement system, has bought Logos Network, a payment processing platform, with the intention to build decentralized financial (DeFi) tools.

Ripple’s investment division Xpring has taken over Logos Network, a distributed ledger-based payment platform that concentrates on scalability and quickness.

The team backing Logos will also study a DeFi system that is set to capitalize on XRP. With the purchase, Logos founder and CEO Michael Zochowski will head DeFi tools and also create relationships.

Regarding the project, Zochowski said: “We expect that our team will work on a variety of projects at all levels of the Xpring platform, with a particular focus on enabling a wide range of DeFi applications. We continue to strongly believe that the future of payments and finance lies in blockchain and decentralization.”


Animoca Brands Corporation Ltd. joins hands with Dorna Sports, S.L.

Animoca Brands Corporation Limited, a blockchain and artificial intelligence firm, has entered into a collaboration with sports administration firm Dorna Sports, S.L. to build a blockchain-powered MotoGP manager game. Recently, Animoca Brands successfully raised A$1 million (~$677,600) funding from a group of investors, which include Moses Tang who established AP Capital besides being the founding chairman of Goldman Sachs Asia Pacific. The enterprise intends to set aside a portion of the funds to improve the manager game. Animoca Brands plans to launch the game next year during the MotoGP racing season.

“Animoca Brands will produce a “manager” style game based on MotoGP intellectual property that will consist of a selection of Collectibles linked directly to the core gameplay; the Manager Game will utilize blockchain technologies and custom-developed smart contracts to enable users to purchase, collect, view, use, and transfer the Collectibles that will be part of the gameplay.”

The company also plans to release the game on multiple platforms, including PC, mobile devices, web and game consoles.



Mark Yusko insists Bitcoin remains a good buy

Mark Yusko, founder, CEO & chief investment officer of Morgan Creek Capital Management, stated that Bitcoin (BTC) remains a buy and is not the right time to sell it. In fact, the serial investment manager compared last decade’s history of Bitcoin to Amazon.

Even though Biticoin may remain volatile, Yusko argues that the cryptocurrency’s y-o-y growth makes it a good buy. Yusko said, “All the indicators of the network and the network value are rising; the price of any asset fluctuates.”

He also pointed out that transaction volume, network hash rate, and wallet numbers have been growing at a brisk pace in 2019. On that basis, Yusko decided that selling Bitcoin is like offloading the shares of Amazon – an unwise decision.

Yusko said, “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.”

Notably, Fundstrat Global Advisors co-founder Tom Lee has opined that Bitcoin would resume its upward trajectory once the S&P 500 starts making new highs.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Richard W

Richard W

Richard is the guy who know everything there is about the financial industry, working in a top firm for over 15 years, he will give the lowdown on some of the biggest companies in the world

Related Articles

South Korea To Track Beef Supply Chain Using Blockchain

  After remaining in the red for two consecutive days, the crypto market is making a weak recovery. Unless Bitcoin

€750mln. ‘Eco-Friendly’ Loan Issued Via Blockchain

  The cryptocurrency market has once again turned red after Bitcoin (BTC) failed to cross above $12,000. At the time

The Leading Cryptocurrency Stories for 23rd May 2018

The cryptocurrency market remains range bound since the beginning of this week. The market really needs a big news for