Mark Yusko, the Founder, CEO, and Chief Investment Officer of Morgan Creek Capital Management, recently discussed Bitcoin’s global impact and future adoption.
During episode #1034 of the “Tech Path Crypto” podcast, Yusko pointed out that 80% of Bitcoin is held outside the United States, with Americans owning only 20% of the cryptocurrency. He emphasized that even if the U.S. did not participate in Bitcoin, the digital currency would continue to function daily.
Yusko also mentioned Bitcoin’s popularity in countries like Nigeria, where the national currency is rapidly losing value. He compared the Nigerian naira’s decline to the devaluation of other currencies like the Turkish lira, Argentinian peso, and Venezuelan bolivar. In these situations, assets like gold and Bitcoin have become more valuable.
Looking ahead, Yusko predicts that cryptocurrency will experience widespread adoption when his six-month-old granddaughter begins using money. He believes she will never use paper money or traditional wallets, instead relying on digital wallets and digital currencies.
While he hopes central bank digital currencies (CBDCs) will not dominate, Yusko sees the shift towards digital currencies as inevitable and comparable to other major technological transformations throughout history. Despite some people dismissing the trend as a fad, he considers this skepticism an opportunity for those who recognize the future potential of cryptocurrencies.
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