Speaking to CNBC, the CEO of Morgan Creek Capital Mark Yusko said that Bitcoin “should be in everybody’s portfolio.”
A truly disruptive technology
Additionally, Yusko believes that people investing in Bitcoin will outnumber even those traditionally investing in the S&P 500 investment fund over the next decade, reports CryptoDaily.
The exact quote is “Bitcoin is a great diversifying asset. It has very low correlation. It should be in everybody’s portfolio”. Of course, he means that it should be in everybody’s portfolio alongside traditional investments. Moreover, Yusko is not recommending that people go all in on Bitcoin or any other crypto asset.
Interestingly, Yusko has been in favor of Bitcoin before. The CEO made a bet before, the “Buffet Bet 2.0”. This was him claiming that Morgan Creek Digital, his company’s Digital Asset Index Fund, would do better than its traditional fund in the period of January 2019 to January 2029. If not, he would pay $1 million to a charity. However, this isn’t only relying on Bitcoin.
Their Digital Asset Fund houses the following assets:
- Bitcoin Cash
- Ethereum Classic
Essentially, anybody who buys into the fund will receive a certain amount of each of the aforementioned assets. It’s the group’s way of introducing people to the world of buying cryptocurrency. And it’s not a bad way either, considering this method is coming from a trusted group involved in online trading.
Regardless, nobody can deny that Bitcoin is moving up as of this year. In fact, today marks Bitcoin’s highest price of all 2019. It hasn’t hit anywhere close to Yusko’s prediction of $400,000 in the future, but this is still a win for the industry as a whole.
Commenting on its potential for disruption, Yusko spoke about Bitcoin and the world of traditional finance:
“This will change the supply and demand equation for banking. It is that big. I’m not surprised at all that bankers, financiers and Saudi Princes are coming out against it. This is a truly disruptive technology.”