Investors shouldn't let the day-to-day fluctuations of bitcoin deter them from investing in the valuable cryptocurrency, hedge fund veteran Mark Yusko said Thursday.
"Buy it," the founder, CEO and chief investment officer of Morgan Creek Capital said on CNBC's "Fast Money" two days after the price of bitcoin plunged to its lowest level since June to $7,944.33. The popular cryptocurrency was down 5% at $8,054.94 on Thursday afternoon, according to Coindesk.
The daily price of bitcoin "doesn't matter," Yusko said, adding its user base has grown every year since 2009. He admits the network is still pretty small.
Yusko then compared the cryptocurrency to Amazon, saying, "the price of any asset fluctuates."
Earlier this year, Yusko said the cryptocurrency could hit $30,000 before the next major pullback, saying "we are in the next parabolic move." At the time, bitcoin's price was around $12,000.
Bitcoin has seen other notable bouts of volatility throughout its existence. The cryptocurrency rallied to almost $20,000 at the end of 2017, only to come crashing down the following year. Bitcoin has more than doubled in price this year.
Morgan Creek rolled out a cryptocurrency fund in August 2018.
— CNBC's Kate Rooney contributed to this report.