Mark Yusko: XRP and Stellar are "vulnerable to price manipulation", 99% of altcoins will go to zero




CEO Morgan Creek:


One of the largest cryptocurrency hedge funds has just announced that they will continue to stay away from XRP and Stellar (XLM) because their supply is so concentrated.


In an interview with the channel Thinking Crypto On April 10, Mark Yusko, CEO of Morgan Creek Digital, confirmed that their policies for these two altcoins will not change.


Yusko: We don't own XRP or Stellar


"We exclude anything ... that is overly controlled, so we don't own Stellar and XRP," he said.


Yusko mentioned the mutual fund he founded with Bitwise Asset Management in 2018 - Morgan Creek Bitwise Digital Asset Index. It tracks the top 10 cryptocurrencies and owns over 80% of the asset as Bitcoin (BTC).


As Toiyeubitcoin reported, XRP's largest Ripple - holder with about 6.5 billion tokens holding, continues to create controversy over its position, including actual sell-offs by executives. high level.


Yusko went on to explain that the policy of mimicking the S&P 500 - overly controlled stocks have opened up opportunities for price manipulators.


"For example, Tesla by scale will be in S&P, but it is not possible because it is so tightly controlled and I can manipulate prices," he said.



“The same is true for cryptocurrencies - there are two projects where too many tokens are under control, and so we feel that they cannot be traded freely like Bitcoin, Ethereum, Dash or Monero. ”



In January, Ripple CEO Brad Garlinghouse responded to allegations that the company could control the price of XRP, likening its position to a Bitcoin whale.


99% altcoin will go to $ 0


In addition to XRP, Yusko made some bold predictions. With the exception of the 16 largest coins by market capitalization, the majority of tokens will be "heading to zero," he said, because they represent betting on companies with little chance of success.


For these utility tokens, he gave them the name "shitcoin", in line with popular rhetoric from people who focus primarily on Bitcoin as the true innovation comes from the phenomenon of cryptocurrencies.


Yusko stated:



“There's nothing wrong with utility tokens - or 'shitcoin' when they are affectionately called, there's nothing wrong with them, just 99% will go to zero, because they're just venture capital. at the pre-seed stage - which has a very low win rate. ”



In the case of XRP, Cointelegraph analyst Michaël van de Poppe believes the bulls still exist in the market, and are trying to prevent prices from reaching an all-time low.


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According to CoinTelegraph
Translated by ToiYeuBitcoin