Morgan Creek Capital Management’s Mark Yusko says that owning Bitcoin (BTC) and other crypto assets is a means to escape rampant inflation.
In a new interview with CNBC, the head of the investment management firm calls Bitcoin a “perfect” store of value asset in a world where governments are in a race to devalue their currency.
“When you think about countries like Venezuela or Zimbabwe, where the countries themselves devalue their currency 99.99%, all of your wealth is destroyed…It’s not so much that Bitcoin is getting better relative to those currencies. Those currencies are just getting worse. And the same thing is happening all around the world. There’s a global race to the bottom.
When countries become very, very indebted, like we are in the West, the only way out is to devalue the currency. You can’t pay the debt back, you can’t restructure, you can’t default on it, so you have to devalue the currency. So that’s why you need in your portfolio a base of crypto as a store of value.”
Yusko says that investors shouldn’t be fooled by the day-to-day price movements of Bitcoin, which he believes doesn’t necessarily reflect its true value. According to him, macroeconomic conditions may get “rocky” over the next few months and ownership of BTC could act as an advantage.
“The price of BTC doesn’t matter. The daily price is a liar. The value is increasing. The price is going to be volatile because humans and machines are volatile. What you want to do is continue to increase your ownership of the most powerful computing network the world has ever seen. Ownership is edge.”
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The post Morgan Creek’s Mark Yusko Says Bitcoin Ownership Is an Edge Against Rampant Currency Devaluation appeared first on The Daily Hodl.
source https://dailyhodl.com/2021/11/29/morgan-creeks-mark-yusko-says-bitcoin-ownership-is-an-edge-against-rampant-currency-devaluation/