The end of banking? This billionaire investor is sure: “Cryptocurrencies will kill them”
Game over for fiat currencies ? – More and more billionaires and big investors no longer hide their enthusiasm for Bitcoin and cryptocurrencies. Mark Yusko, CEO of Morgan Creek investment fund, is convinced: cryptocurrencies are the future, and banks will soon be the past.
Bitcoin to get out of the fiasco of fiat currencies
Morgan Creek Capital is a hedge fund that manages multi-billion dollar investments.
His big boss, Mark Yusko , recently gave an interview to the Dash Dinheiro Digital channel on YouTube, where he sets out his vision for the future of crypto-assets and that of fiat currencies .
“Central banks print money. They give it to the primary dealers (specialists in Treasury securities), who are controlled by the rich (…). But none of these funds reach the middle classes in the United States. No loans are granted, no growth is recorded, no innovation is carried out, no wealth creation occurs. “.
All this would therefore lead to the devaluation of these fiat currencies – here the dollar – and Mark Yusko concludes that they are “bad” .
Conversely, Bitcoin (BTC) could potentially serve as a lifeline, with its supply strictly limited to 21 million BTC – and not one more :
“A cryptocurrency allows you to get out of the fiasco of fiat currencies, by having an asset whose supply in circulation has been fixed. ”
No future for banks?
Whether banks or current payment systems, Mark Yusko considers cryptocurrencies to be a technological development that will naturally replace them :
“[Visa] is actually just a big spreadsheet – but it’s very handy. I like to use it rather than taking cash out of my pocket. But now, I like digital currencies even more because they are a more efficient system (…) they constitute a direct payment system, over-the-counter (…). ”
The conviction of the CEO of Morgan Creek is therefore quite certain. Even if he does not yet know if it will be in “10 years, 20 years, 30 years” , we will end up “all using cryptocurrency” .