For Mark Yusko, Bitcoin is the innovative technology that was so desired after the financial crises witnessed over the past decade, with great appeal and offering the greatest opportunity for wealth creation
Mark Yusko, CEO of Morgan Creek Capital, delivered an opening speech today at the Digital Asset Summit, in which he gave the audience a simple but perhaps controversial advice: “Sell your Amazon shares and buy Bitcoin”.
Yusko argued that Bitcoin is the next innovative technology, and that it is currently the greatest opportunity for wealth creation that exists.
About Blockchain, Yusko said:
“The genie will not return to the bottle. It’s here. The great news is that it will create the greatest wealth in the history of mankind. “
A little history
Yusko first heard about Bitcoin in his early days and encouraged his son to look for new companies such as Coinbase and Xapo, only to have his son ignore the issue and go to work elsewhere.
Later, Yusko met Anthony Pompliano “Pomp”, during an investment in Lyft, and after long conversations he decided to hire him as a partner of a newly created subsidiary, Morgan Creek Digital, which invests in Blockchain products and companies that build Blockchain.
In his speech today, Decrypt mentions, Yusko devoted much to comparing the early days of the Internet and the current technological development of Blockchain and cryptocurrencies.
Let Amazon go
In 1996, Yusko invested USD $5 million in Sequoia while working at the foundation of the University of Notre Dame, using part of that money to invest in Google, a company that at the time, according to Yusko, was the sixteenth most search engine used, and nobody knew that it had better technology because they didn’t know what an algorithm was.
“Get rid of Amazon. Glide silently, nobody will pay attention. Sell it. Amazon is dead money for a decade. ”
He reasoned that it would take decades to get even a 10% return on investment, since for every dollar he enters, he would need to convert it into USD $97 just to reach the breakeven point.
Instead, Yusko said that Bitcoin presents a much more attractive offer.
The big bet
According to the source, Yusko added that people who worry that Bitcoin cannot scale should not do so. For him, it is simply the base layer of this new technology, in the same way that TCIP was for the Internet.
“The great news about it is that it will create the greatest wealth in the history of mankind. The first company of 10 billion dollars, the first billionaire, all this will leave this space. Because what we are doing is fundamentally changing the way we exchange value. ”
“What we have been telling the institutions is quite simple. Friends, you should put one percent of your assets in Bitcoin as digital gold. It is much better than gold (physical) ”
A trust-based network
Yusko said that technologies such as the mainframe, the microchip and the personal computer took years to develop, and he called 2024 as the year in which this technological evolution will arrive, what he called the “trust network”.
Yusko said that today you cannot trust photos or videos, due to retouched images and deep forgery technology. And so, the use case of Blockchain is about trust.
“What we need is a certificate of authenticity. That’s what Blockchain technology does, you can do it for money, like Bitcoin.
All assets in the world will be tokenized. “
Amazon and Blockchain
Amazon, however, and despite Yusko’s statements, is a company that is firmly on the ground of Blockchain, and besides, we already know what its founder Jeff Bezos is capable of when it comes to innovation and growth. So if the reader wishes to make decisions based on Yusko’s statements, it is better to study more about it.