- No US China Deal Morgan Creek CEO Declares, Encourages People to Buy Bitcoin
- China Won’t Give Up Without a Fight
There has been great anticipation over what would be the outcome of the on and off negotiations between the US and China. It is no secret that the world’s two largest economies have been in a trade war in recent months. So far talks between representatives of both nations haven’t had any headway. Now fresh talks are set to resume next month. As we approach a new month of negotiations it appears that many people are doubtful that a deal will be reached.
One industry executive reportedly favors Bitcoin over an economic recovery. Citing the bilateral cooperation between both countries as a reason for this.
China Won’t Give Up Without a Fight
Mark Yusko, the CEO and Founder of Morgan Creek Capital Management, CNBC’s Fast Money panel to discuss the chances of a trade deal been reached from the talks in Washington next month. Yusko stated that it is unlikely that China bulge. According to him tariffs are a tax on the poor so they too have also failed. The Morgan Creek CEO added that the war has changed from outsourcing to China, ‘made in China’ to its current position of ‘made for China.’
Bitcoin (BTC) Price Today – BTC / USD
Yusko also believes that China isn’t worried about exports any longer. It is now about importing to satisfy the growing appetite of the county’s burgeoning middle classes. It is focused on agreeing to deals that will grow its consumers domestically.
Yusko said the market is overvalued. According to him, things will get worse by 2020 during the debt bubble. A recession is likely going to happen because there is no growth compared to the one that flourished in past years.
What about Bitcoin?
An interesting reply came when Yusko was asked what his thoughts were on Bitcoin’s prospects. The first comment he made was related to its price. He cited that the leading asset class had dropped below $8,000 in intraday trading. Yusko added that the fundamental indicators for Bitcoin including the currencies usage, as well as transactions, and wallets, etc. is recording new highs. Even though every indicator of the network as well as its value has risen, the coin’s price is still fluctuating.
Even with a 42% correction from Bitcoin’s high point this year, the leading asset class still maintains a good performance. Since the start of this year when BTC reached the $3,000 range it has turned in over 100% gains.