Forecast - Mark Yusko: "Bitcoin will grow to $250,000 and replace gold as a reserve asset"
In an interview with representatives of Stansberry Research, a veteran of the financial industry said that the US dollar is rapidly losing its status as a global reserve currency and, most likely, the Chinese yuan will become the new reserve currency. However, after a while, bitcoin will displace the yuan from this position.
"There is only one money in this world ― gold. Everything else is a credit currency, it is secured by debt. The Central Bank of each country has gold reserves. Of course, many of these stocks have less than they need, and they abandoned the gold standard, switched to the fiat standard in order to be able to devalue their currency. This is necessary so that the debt becomes less. And gold is being sold to China, where there will be a new global reserve currency. But over time, it will become bitcoin," says Mark Yusko.
Yusko noted that bitcoin will replace gold simply because it is better than a valuable metal, it is more convenient and mobile. The CEO of Morgan Creek Capital expects the BTC rate to rise to $ 250,000, then its capitalization will be equal to the capitalization of gold.
"If I have a gold bar and I want to divide it, I will have to physically cut it, which is not very convenient. And, of course, I won't be able to transmit it using a computer. And with bitcoin, everything is easier ― I need to press a few buttons to split and transfer the cryptocurrency. It is much more mobile and divisible, compared to gold. It's more convenient, that's why I expect it to replace gold. Of course, it will not happen immediately, but someday it will definitely happen," Yusko said.