Morgan Creek Digital head predicts the replacement of gold with bitcoin
Mark Yusko believes that BTC is capable of becoming a global reserve currency
05.12.2022 - 11:20
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A seasoned hedge fund manager says that Bitcoin (BTC) will eventually replace gold, and predicts the king crypto will hit a six-figure price tag.
In a new interview with Stansberry Research, veteran hedge fund manager Mark Yusko of Morgan Creek Digital predicts that China will be the home of the next world reserve currency, but that Bitcoin (BTC) will replace it sooner after.
“There’s only one money in the world: gold. Everything else is credit, everything else is a currency. Currency is backed by debt.
Every central bank in the world has gold, some of them have less than they used to because they moved off the gold standard and went to a fiat standard where they could devalue the currency faster because they had too much debt, but where is the gold going? It’s going to China, which I believe will be the next global reserve currency, [but] it’ll eventually be Bitcoin.
In the future, Bitcoin wins because it is an asset that exists in the absence of a liability, which is what the definition of money is.”
Yusko says BTC is on track to replace gold, largely due to its superior divisibility and portability. Based on the monetary value of gold, he sets a price target of roughly $250,000 BTC in the long run.
“And so [BTC] is superior to gold. If I had a bar of gold, and I wanted to split it three ways, I couldn’t bang it on the table and give you each a third, it’s too hard to do. And I couldn’t stuff it into my computer and send it to you.
But if I wanted to send you Bitcoin, I press a bunch of buttons, and boom, I could divide a Bitcoin into three pieces and send you both a third, easy. So it does have advantages in being more portable and more divisible than gold, so I think it will eventually replace gold.
$5 trillion, the monetary value of gold, roughly equals $250,000 price per Bitcoin. Now, it won’t all happen tomorrow, but over time it’s going to happen. “
This material is taken from the website dailyhodl.com.
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