Morgan Creek’s Mark Yusko Says There’s No Chance the Government Can 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 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 the world’s BTC holders and the leading crypto would continue to thrive if the federal government banned it.
“People forget that 80% of Bitcoin is held outside of the United States. Americans only own 20% of it. And if Americans didn’t have any of it, it would still work every day. If there were no nodes in the United States. If they made it illegal to run a node. If they made it illegal to move your money in and out of ramps through fiat, Bitcoin wouldn’t care.”
Yusko also says Bitcoin is popular in a country like Nigeria because its native currency is depreciating against gold and BTC.
“[Bitcoin’s] the most popular currency in Nigeria today because the Nigerian naira goes to the toilet like the Turkish lira and the Argentine peso and the Venezuelan bolivar. So all of these assets are depreciating 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 when his six-month-old granddaughter uses currency.
“She will never know paper money. She will never know a leather wallet. She will know a digital wallet. She will know digital money. Hopefully not CBDCs, Bitcoin & Co. but ultimately this transition is as fundamental and as certain as any other major technological shift we have seen in history. But by the time you go through it, everyone dismisses it as a fad. That’s what creates the great opportunities.”
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