Speaking to CNBC in an interview on Sept. 27, the founder, CEO & chief investment officer of Morgan Creek Capital Management compared Bitcoin’s ten-year history to Amazon.
Bitcoin is a buy and it has never been the right time to sell it, serial investment manager Mark Yusko has told mainstream media viewers.
He was responding to concerns from regular cryptocurrency host Melissa Lee over the Bitcoin price, which fell below $8,000 on Thursday.
For Yusko, while the price of Bitcoin can go up and down, year-on-year growth gives a solid reason to buy and not sell it.
“All the indicators of the network and the network value are rising; the price of any asset fluctuates”, he explained.
Examples included network hash rate, transaction volume and wallet numbers, all of which have continued their upward trajectory this year.
Betting on a bullish return
Yusko thus concluded that selling Bitcoin would be like selling shares in Amazon – so far, there has not been an advantageous point to do so.
“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”, he said.
Earlier this month, Fundstrat Global Advisors co-founder Tom Lee predicted Bitcoin would rally once the S&P 500 put in new highs.
Wesley Snipes Is Launching a Tokenized $25 Million Movie Fund
Liechtenstein Cryptoassets Exchange (LCX) is tokenizing a $25 million movie fund together with renowned Hollywood actor Dr. Wesley Snipes. The news was reported by Cointelegraph auf Deutsch on Sept. 9.
Dr. Snipes is an American actor, film producer, master martial artist, and author, known for his roles as the Marvel Comics character Blade in the Blade film trilogy, as well as for films such as New Jack City, Major League, White Men Can’t Jump, Passenger 57 and Demolition Man.
Movie fans become co-producers through tokenization
According to the report, the partners aim to launch a fully compliant security token offering (STO) via LCX’s Liechtenstein-based platform and blockchain infrastructure.
The tokenized $25 million “Daywalker Movie Fund” (DMF) will invest in future movies and tv shows produced by Dr. Snipes and his production studio, Maandi House.
Launching an STO will reportedly lower the entry barriers for both institutional and retail investors, enabling movie fans to invest alongside established Hollywood producers.
The DMF Token will offer investors a share in the profit of the fund’s productions, as well as conferring extra benefits such as invitations to move premieres. All profits will be reinvested in the DMF Token to boost its long-term value.
DMF will be managed by an investment committee of professional fund managers, alongside Dr. Snipes. LCX’s blockchain technology platform will not only host the STO, but handle registration and identity verification for all prospective investors.
Dr. Snipes has described the tokenized fund model as a means to enable move fans to become indirect co-producers of forthcoming features.
Pre-registration is open on the LCX site, with registered users to have priority when the STO is formally launched.
Cryptocurrencies in the limelight
In October 2018, Cointelegraph reported that the actor and producer Johnny Depp had partnered with crypto-powered social entertainment platform TaTaTu to jointly create and produce film and digital content together.
TaTaTa focused on combating piracy and improving transparency for rights holders, as well as on assisting high-quality brand advertising using distributed ledger technologies (DLT).
In May 2018, actor and tech investor Ashton Kutcher donated $4 million in XRP to Ellen Degeneres’ Wildlife Fund, saying the technology enabled him to do away with the “big giant check thing.”