Bull Market on the Horizon: Morgan Creek’s CEO Anticipates “Crypto Summer”
Mark Yusko, the founder, and CEO of Morgan Creek Digital, believes that the cryptocurrency market is on the brink of a bull market.
In a recent interview with Blockworks Macro, Yusko declared that “crypto summer” is set to begin early next month, which also happens to be his birthday.
Yusko attributes the anticipated rise in cryptocurrency prices to a massive increase in global liquidity. According to him, China has printed over a trillion dollars since last October, while Japan has printed hundreds of billions of dollars.
In addition, the US Federal Reserve has put $300 billion back on its balance sheet. This has resulted in $1.5 trillion of liquidity sloshing around, and Yusko believes people are buying things they like, including cryptocurrencies.
Bitcoin and Ethereum are the biggest beneficiaries of this liquidity wave, but other cryptocurrencies are also benefiting. Yusko notes that Bitcoin has hit new record highs in several metrics, including adoption, hash rate, number of wallets, and transaction volume.
The hash rate, which measures the computational power dedicated to the Bitcoin network, has hit an all-time high. The number of wallets holding Bitcoin, as well as the number of wallets with greater than 0.1 Bitcoin, has also hit an all-time high.
While transaction size and volume are not at all-time highs, Yusko believes they are returning to being close. Overall, he is optimistic about the future of cryptocurrencies, particularly Bitcoin and Ethereum, and believes that the upcoming “crypto summer” will be a period of significant growth and adoption for the entire crypto market.