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Bankless society ‘inevitable’ due to crypto, says Morgan Creek CEO

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A bankless world is inevitable due to the “natural evolution of technology,” according to a top executive at multi-billion dollar investment manager, Morgan Creek Capital.

The firm’s CEO Mark Yusko believes that a “silent revolution” powered by cryptocurrencies like Bitcoin (BTC) will eventually lead the world to a bankless society.

In an Oct. 13 interview with Brazilian Dash-focused YouTube channel Dash Dinheiro Digital, Yusko said that people around the world will, in time, be able to “bank themselves through crypto.”

Despite his claims regarding a bankless society, the CEO noted that he does not mean banks will disappear entirely, stating:

“We will still need banks to do lending, digital currencies, or digital fiat to go along with crypto at the core. But the idea that we’re moving to a global borderless world, and nation-states will become less important, global systems will become more important, and you can be a citizen of the world as opposed to a citizen of a single nation-state.”

Yusko is the founder, CEO and chief investment officer of Morgan Creek Capital Management. The company was founded in 2004 to provide investment management services to institutions and wealthy families as well as discretionary strategies to assist clients in building investment programs.

Morgan Creek Capital is known for running a dedicated digital asset investment business known as Morgan Creek Digital. The subsidiary is co-founded by Yusko and Anthony Pompliano. In August 2020, Pompliano predicted that Bitcoin will eventually capture more of the market than gold, breaking the $400,000 threshold.



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Bitcoin whale clusters show these are the strong support levels

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Since topping out at $19,484, Bitcoin price has struggled to reclaim the $17,000-$18,000 level. As the price continues to decline, traders are targeting key underlying support levels to determine where traders will buy if BTC price continues to fall.

The immediate support levels based on whale clusters are $16,694, $16,411, and $16,064. Below the $16,000 support, $15,355, $14,914, and $13,740 that could serve as macro support areas.

Whale clusters form when whales accumulate BTC and do not move their recently acquired funds. The clusters also indicate where whales last bought, signifying potential support areas.

Bitcoin whale clusters. Source: Whalemap

$16,411 is the short term level to watch for Bitcoin

The price of Bitcoin has been showing weakening momentum in the past 24 hours. Following such a major correction, some consolidation is to be expected as the price searches for stabilit.

One positive trend is that buyers have been aggressively defending the $16,411 support area, which is marked by whale clusters. This shows that there is sufficient buyer demand in the market to prevent a broader pullback, at least in the short term.

On Nov. 27, Bitcoin tested the $16,200 to $16,400 support range twice in a span of 22 hours. Both retests were met with a decent response from buyers, as BTC surged above $16,800 in both cases.

For most of the day, Bitcoin remained above $17,000 and peaked at $17,400, showing signs that BTC is regaining its momentum.

Still, some traders are not ruling out the possibility of BTC dropping to the lower macro support areas. A pseudonymous trader known as “Wolf” said the weekly chart is showing signs of overextension. As such, he said that the $13,000 region could get tested. The trader explained:

“Differently from $ETH, $BTC looks way over extended from the weekly 21EMA, still far from interesting support. My ideal entry would be the outlined major support @ 13k’s. Currently we might hold the 16213 weekly support, then head lower for an ABC correction.”

Another pseudonymous trader known as “Crypto Capo” suggested a similar trend. He said that he sees a scenario playing out where BTC rises to $18,000 and then falls to the $13,000 region.

Traders expect Bitcoin’s consolidation to last for weeks

Although there are bearish short-term predictions from long-time Bitcoin investors, some technical analysts say that consolidation could last a while.

Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said the market faced a healthy pullback. Following the correction, Poppe said that consolidation could last for several weeks. He said:

“Relax and zoom out, market is making a healthy correction and giving everyone a great opportunity to invest. Don’t be impatient, the market will make a natural bottom to confirm it’s in. It just takes weeks.”

In the short term, the immediate area of interest for buyers remains the three whale cluster levels at $16,694, $16,411, and $16,064. If BTC falls below these levels convincingly, the probability of a deeper correction could significantly spike.

Following the sharp drop in the price of Bitcoin (BTC), whale clusters show several areas as key support levels. These levels could allow BTC to stabilize and regain its momentum in the short term.