The CEO of Morgan Creek Capital, an investment company, Mark Yusko believes that over time, Bitcoin will be able to replace gold, and the BTC rate will rise to six-digit values.
In an interview with Stansberry Research, the financial industry veteran said that the US dollar is rapidly losing its status as a global reserve currency and that the Chinese yuan is likely to become the new reserve currency. However, after some time, bitcoin will displace the yuan from this position.
“There is only one money in this world – gold. Everything else is credit currency, backed by debt. The Central Bank of every country has gold reserves. Of course, many of these reserves are less than they need, and they have abandoned the gold standard, switched to the fiat standard in order to be able to devalue their currency. This is to reduce debt. And gold is sold to China, where the new global reserve currency will be. But over time, it will become bitcoin,” says Mark Yusko.
Yusko noted that bitcoin will replace gold simply because it is better than the precious metal, it is more convenient and mobile. The CEO of Morgan Creek Capital expects BTC to rise to $250,000, then its capitalization will be equal to the capitalization of gold.
“If I have a bar of gold and I want to split it, I have to physically cut it, which is not very convenient. And, of course, I can not transfer it using a computer. And with bitcoin, everything is simpler – I need to press a few buttons to split and transfer the cryptocurrency. It is much more mobile and divisible than gold. It is more convenient, which is why I expect it to replace gold. Of course, this will not happen immediately, but someday it will definitely happen, ”said Yusko.
The hedge fund manager has repeatedly spoken out in favor of bitcoin. Previously, he called the first cryptocurrency the best form of money.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
