“Schiff is going to be crying.” Morgan Creek CEO predicts the replacement of gold with bitcoin
According to Mark Yusko, the crypto industry will recover like the tech sector after the dot-com crash
12.01.2023 - 10:20
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Morgan Creek Capital CEO Mark Yusko is predicting that Bitcoin (BTC) and other risk assets are going to bounce back just like the tech sector after the dot com crash of the early 2000s.
In a new interview with Blockworks, the crypto veteran says that Bitcoin is likely to outperform gold this year after the king crypto collapsed in 2022.
“Gold is the ultimate arbiter of value [but] I think Bitcoin will have a better year than gold. [Bitcoin critic Peter] Schiff is going to be crying.”
Yusko compares current market conditions for risk assets like Bitcoin and tech stocks to the dot-com bubble of the early 2000s. Just like when markets crashed and sentiment turned sour before rebounding hard back then, the fund manager says something similar is likely brewing.
“I’m old. I lived through 2001, 2002. This is exactly, like exactly what happened in 2001 and 2002. Enron defrauded people. Tyco defrauded people. People were like, ‘Oh, this WorldCom. They will never be this Internet thing. It’s going to die and Pets.com is stupid…
If you look at all the comparisons of the bubble that we just lived through to 2000, they all look the same. NASDAQ went up and then it went down 84%. Peloton went up and went down and Tesla went up and went down. Everything looks like this bubble chart…
Then NASDAQ went parabolic. Now it took 20 years, but it went super parabolic. It went way higher than the 2000 peak.”
This material is taken from the website dailyhodl.com.
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