Mark Yusko, CEO of Morgan Creek Capital Management, targeted Cardano (ADA) and Ripple (XRP) in a recent interview with YouTube channel Altcoin Daily. According to the manager, despite the popularity, developers and users do not like these projects. There are also some risks associated with these projects.
According to Yusko, these projects are overrated. Yusko doesn’t want to compare XRP and ADA to cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB), but he believes both projects have their drawbacks. The famous investor said that Morgan Creek’s cryptocurrency index fund does not include XRP as a large part of the supply is held by a few individuals or institutions creating a monopoly.
Yusko stated that the majority of existing tokens are controlled by a centralized company, Ripple. This came just months before Ripple was sued by the US Securities and Exchange Commission for an unregistered sale of XRP tokens. However, the Morgan Creek Bitwise Digital Asset index fund has a 2.2% stake in ADA. ADA is the third largest asset behind Bitcoin and Ethereum. Yusko said he loves Avalanche (AVAX) as well as Polkadot (DOT) and Cosmos (ATOM). According to the expert, these projects are promising in many ways and should be on the radar of investors.
Cryptocurrency prices came under pressure in November following the collapse of Sam Bankman-Fried’s FTX empire. Now investors are watching other crypto companies to see how far the domino effect can spread. According to experts, the Fed and FTX crises must be overcome in order for Bitcoin to return to its former glory. It is important that the market is on the rise collectively.
US-based cryptocurrency broker Genesis said on Tuesday it was trying to avoid bankruptcy after Bloomberg reported that creditors were working with restructuring lawyers to avoid bankruptcy. In this process, the statements from the Fed are of great importance. Leading analysts claim that BTC needs to cross the $20,000 level again for a tangible optimism in the cryptocurrency market.