- Bitcoin is a new innovative technology that is creating opportunities to gain wealth, claims CEO Mark Yusko.
- Yusko believes that once proper scaling technology is ready, Bitcoin’s price will skyrocket.
CEO of Morgan Creek Capital Mark Yusko recently attended the Digital Asset Summit. Speaking at the summit, he advised the audience to “sell your Amazon shares and buy Bitcoin.” According to Yusko, Bitcoin is the new innovative technology that is creating several opportunities to gain wealth. On the blockchain, he said:
The genie is not going back into the bottle. It’s coming. The great news about that is it’s going to create the greatest wealth in the history of mankind.
Back in 1996, Morgan Creek Capital invested $5 million in Sequoia, which used some of that money to invest in Google. He stated that Google was the sixteenth-most used search engine at the time. Back then, nobody knew it had better technology as they had no idea about the “algorithm”. That investment turned into $200 million. He further said that Web2 is no longer the best opportunity to raise a huge sum of money. Yusko said:
Get rid of Amazon. Slide out quietly, no one will pay attention. Sell it. Amazon—dead money for a decade.
According to him, the investment would take decades to get even a 10% return. He said that every dollar invested has to be turned into $97 just to break even. Yusko believes that Bitcoin poses a much more attractive offering.
Think about the wealth that was created, companies like Google and Amazon—they’re all going to be disrupted and they’re all going to be replaced with this new technological evolution, but it’s early.
He further said that people who worry that Bitcoin can’t scale shouldn’t fret. According to him, Bitcoin is simply the base layer of this new technology, like how TCIP was for the Internet.
The necessary scaling will be built on new layers on top of the first. He believes that once the technology is ready, it will be very valuable.
The great news about that is it’s going to create the greatest wealth in the history of mankind. First 10 trillion-dollar company, first trillionaire, it’s all going to come out of this space. Because what we’re doing is fundamentally changing the way we exchange value.
What we’ve been telling institutions is pretty simple. Folks, you’ve got to put one percent of your assets in Bitcoin as digital gold. It’s way better than gold.
Put your one percent in that chaos hedge, that shmuck insurance. But then have three to five percent in building out the pipes, building out the infrastructure, backing the companies that you all are forming, so that we can create this new ecosystem—that doesn’t even start until 2024.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback
Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead.
GIGA investor loses $6M to phishing scam via fake Zoom link
On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show
Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.
BNB: Bullish technical pattern validated, eyes all-time high
Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.