The Valuable Digital Gold

Morgan Creek Capital’s founder and investor Mark Yusko defended his prediction reported on Bloomberg that Bitcoin’s cost will be $400,000 in the long term.

Yusko quickly pointed out, that ‘Bitcoin is a Blockchain’, after being  asked about these technologies. He compared Bitcoin to a gold, saying:

“It’s just math. It is gold equivalent…there are about 20 mln Bitcoin available today. Gold today is about $8 tln. That gives you $400,000. And that doesn’t include use cases that relate to currency.”

The investor also noted that the asset is striking fear into the hearts of bankers exactly because Bitcoin eliminates the need for banks. When transactions are verified on a Blockchain, banks become unnecessary. He said:

“All the bank people should be deathly afraid of this. It has the potential to displace the need for banks as a trust institution…it has the potential to disrupt the banking sector as we know it.”