Morgan Creek’s Mark Yusko says there’s no chance the government could ban Bitcoin (BTC) — here’s why
Morgan Creek Capital CIO Mark Yusko says a US government ban on Bitcoin (BTC) would not stop the crypto king in its tracks.
In a new interview with Paul Barron, the crypto veteran says people are wrong when they suggest the government could ban Bitcoin.
He argues that US Bitcoin holders are only a small fraction of global BTC holders and the leading crypto will continue to thrive if the federal government bans it.
“People forget that 80% of Bitcoin is held outside the US. Americans only own 20% of it. And if Americans owned zero of it, it would still work every single day. If there were no nodes in the US. If they made it illegal to run a node. If they made it illegal to move your money in and out through fiat on ramps and off ramps, Bitcoin wouldn’t care.”
Yusko also says that Bitcoin is popular in a country like Nigeria because its native currency loses value against gold and BTC.
“[Bitcoin’s] the most popular currency in Nigeria today because the Nigerian naira is going down the toilet like the Turkish lira and the Argentine peso and the Venezuelan bolivar. So all of these assets depreciate in value relative to things like gold and Bitcoin.”
Bitcoin is worth $27,249 at the time of writing.
Yusko believes virtual assets will see mass adoption once his six-month-old grandson uses currency.
“She will never know paper money. She will never know a leather wallet. She wants to know a digital wallet. She wants to know digital money. Hopefully not CBDCs, Bitcoin et al. but ultimately this transition is as fundamental and as certain as any other major technological transformation we have had in history. But when you go through it, everyone dismisses it as a fad. That is why it is what creates the great opportunities.”
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