- 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.
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