The founder and CEO of cryptocurrency fund management firm Morgan Creek Digital, Mark Yusko, expressed the view that in a few weeks the cryptocurrency market will start to see a price rise, what he calls “the summer of cryptocurrencies”.
Early May
In an interview with Blockworks Macro, Yusko pointed out that the “summer in cryptocurrencies” will begin in early May:
“I officially declare that three weeks from Tuesday (April 18), it will be the beginning of summer in cryptocurrencies. It happens to be my birthday, but this will be the official start of summer in cryptocurrencies.”
Huge increase in global liquidity
According to Yusko, the rise in cryptocurrency prices coincides with a huge increase in global liquidity:
“This summer in cryptocurrencies we will surf a wave of global liquidity. China has printed a trillion dollars since October and in Japan another two hundred billion. The Fed repatriated $300 billion on its balance sheet. We have $1.5 trillion of liquidity that is being constrained. It turns out that people buy things they like. And there’s a whole group of people who like cryptocurrencies. Bitcoin and Ethereum are the biggest beneficiaries. But the liquidity goes further down to the other cryptocurrencies.”
Bitcoin is setting record highs
As for Bitcoin (BTC), Yusko pointed out that the iconic cryptocurrency asset has set new record highs in a number of metrics, including adoption:
“Bitcoin’s hash rate is at a new all-time high. Number of wallets is at a new all-time high. Number of wallets with more than 0.1 Bitcoin at a new all-time high. The size and volume of transactions, not at an all-time high, but are back to being close.”
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