Morgan Creek Capital Management founder Mark Yusko said that nowadays only gold and bitcoin should be treated by investors as real money.
Everything else is just credit …
– Mark W. Yusko (@MarkYusko) June 30, 2020
Mark is a bitcoin bull who has always emphasized the potential of BTC as the money of the future. As governments around the world print money to support their economies, investors are looking for assets in case it all falls apart. Gold has always been considered a safe haven. Bitcoin, however, showed relatively good resistance in the current, turbulent market.
Gold and Bitcoin reflect true wealth
Mark Yusko, in his latest tweet, challenges the traditional market that focuses on fiat money.
Yusco quoted the famous American financier J.P. Morgana and said that all other assets, except gold and bitcoin are just credit. In this way, he paid tribute to Morgan and emphasized that his words, which were spoken several decades ago, still translate into current reality.
This famous quote was part of a 1912 congressional testimony in which J.P. Morgan said gold does not create any risk for the contractor and is therefore the only true form of money. All assets in the banking system were in the form of credit. Their value depended on the debtor’s ability to pay it back. However, gold does not bear this risk.
Dollar against gold and bitcoin
The dollar that once had gold parity, today has little in common with gold bullion. However, USD is still the most popular currency in the world, used in trade and international settlements.
Gold has been used for generations for generations, but now, as an alternative, digital gold is available – BTC, whose decentralized features really make it a global currency, a medium of exchange, and value safeguards.
Yusko, in early May, predicted that the price of bitcoin may soon rise to $ 100,000.