The bear’s attack on the cryptocurrency market has left a lot of companies and investors reeling, an event that also caused a lot of coins to break their price support. Although the current scenario has dissuaded new entrants, Mark Yusko, the Chief Executive Officer of Morgan Creek Digital Capital, has put his faith in the growth of Bitcoin [BTC] and the cryptocurrency market as a whole.
Speaking to CNBC, the finance bigwig stated that right now real interest rates and its benefits are close to zero. Yusko spoke about 14% of the established institutions and companies that cannot pay off their debs of the last five years and such “zombie companies” need to go away. The statement was his segway into how Bitcoin can be used to rid off the problems retained by the S-amp;P market.
The CEO added that he believes Bitcoin can outperform S -amp; P markets over the next decade. According to Yusko, investors who do not want to invest in traditional commodities should partake in Bitcoin. He even mentioned the Morgan Creek Crypto Challenge which includes a reward of a whopping $1 million. In his words:
“The Morgan Creek Digital Challenge is something that we have started to bring cryptocurrency into the fore, something like the Buffet Challenge.”
Warren Buffet had placed a bet of $1 million pitting the performance of S $ P companies against that of some hedge funds. Mark Yusko also talked about how over the next decade, the United States equity will have no return while Bitcoin will. In his words:
“The equity returns with Bitcoin will be high. Right now, we are in a ery early phase of a massive technological wave and it is hard to predict the highs. The price as a concept is very volatile and tech like EOS will make sure it goes high.”
He even suggested that volatility is real and investors who want asymmetric returns should take a couple of percentage from their current portfolio and put it into cryptocurrencies.
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