During a discussion on September 7th with Yahoo Finance’s Dan Roberts, Dion Rabouin and Rick Newman, the CEO of investment firm Morgan Creek Capital Management, Mark W. Yusko, voiced his optimistic opinion regarding the future relevance of Ethereum.
When debating the topic of Ether’s dramatic market drop, fraudulent ICOs and the recent cashing out of Ether by legitimate ERC-20 token projects, Yusko nonetheless argued that Ethereum has a bright future ahead of it.
The Morgan Creek CEO elaborated on his views by likening the current situation to the early days of the internet:
People might say its six years from now well, It’s like 1993 or 1994 internet when Google was just being thought off, and nobody thought it was important,
According to Yusko, the next step for Ethereum is to build the TrustNet and that it is already designed to do so. He went further, arguing that Ethereum’s protocol, in regard to building the TrustNet, is much the same as the internet protocols TCP/IP, SMTP and HTTP.
He also argued that Ethereum’s protocols are laden with value, which makes ETH important and likely to be profitable for investors in future. In his view, there is one fundamental difference between Ethereum and Bitcoin: Bitcoin he explained, is an application that runs on the blockchain whereas “Ethereum is different, think of it as the World Wide Web of the TrustNet.”
When Dion Rabouin made mention of the “Wolf of Wall Street” Jordan Belfort’s negative views on the cryptocurrency space – Yusko, who is also the President and Chairman of the Investment Committee of The Hesburgh-Yusko Scholars Foundation at the University of Notre Dame, seemed to maintain his optimistic approach – remarking:
The problem is [Jordan Belfort] was talking about ICO’s, not Bitcoin (BTC) neither Ethereum (ETH) but he was talking about utility tokens, and some of the utility tokens were a scam. Anywhere where there’s capital, bad people are going to show up.