Bet on Bitcoin for Better Returns Than US Stocks, Insists Wall Street Veteran
Hedge fund veteran Mark Yusko wants you to know bitcoin is a better bet than stocks. | Source: Youtube/Shutterstock; Edited by CCN
By CCN: On CNBC’s Fast Money, Morgan Creek Digital founder and CEO Mark Yusko, said that bitcoin makes a great diversifying asset in a stocks portfolio and that every investor should invest in the dominant cryptocurrency.
— CNBC’s Fast Money (@CNBCFastMoney) May 22, 2019
Since January, in less than six months, the bitcoin price has risen by more than 100 percent year-to-date, outperforming every major stocks index such as the S&P 500.
Bitcoin Over Stocks? Or Both?
In December 2018, on CNBC, Yusko offered a $1 million bet to any investor or institution willing to take it on the long-term performance of bitcoin over the next ten years.
Yusko said that no investor took the bet, indicating that investors have become more cautious in providing reckless predictions about bitcoin potentially losing all of its value over the long run.
I was lucky. I happened to be on Melissa’s more afternoon show back in December, the week when bitcoin was at $3,150 and she said ‘what do you think?’ and I said ‘look, we’ve issued the Morgan Creek Digital crypto challenge, we will take BTC over the next ten years starting January 1 and we’ll take anybody who wants to take the other side in a million dollar charity bet’, we got no takers.
It is a good thing they did not take it because bitcoin is up over a hundred percent this year,