Mark Yusko, CEO of Morgan Creek Capital, delivered a keynote speech at today's Digital Assets Summit, offering listeners some simple but potentially controversial advice: Selling your Amazon stock and buying Bitcoin.
Image source: UNSPLASH
Yusko believes that Bitcoin is the next breakthrough technology and it is the biggest wealth creation opportunity currently in existence.
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For the blockchain, he said:
"The elf did not return to the bottle (meaning that something has changed and cannot be turned back). It came. The good news is that this will create the greatest wealth in human history."
Yusko had heard of Bitcoin early on and encouraged his son to study big companies like Coinbase and Xapo. Unesco later met Anthony Pompliano in his investment in Uber. After a long discussion, Pomp decided to hire him as the CEO of the newly formed subsidiary Morgan Creek Digital. Invest in blockchain products and companies. In October last year, Morgan Creek Digital revealed in a filing with the US Securities and Exchange Commission (SEC) that its blockchain fund has raised $61 million so far.
A large part of Yousco's speech today is used to compare the early development of the Internet with the current technological developments of blockchain and cryptocurrency. In 1996, Morgan Creek Capital invested $5 million in Sequoia Capital, some of which was invested in Google. He said that Google was the 16th-ranked search engine at the time, and no one knew it had better technology because they didn't know what an "algorithm" was.
That investment became $200 million. However, he believes that Web2 is no longer the best opportunity to make it rich.
"Get rid of Amazon. Quietly quit, no one will pay attention. Sell it." Jusco said. He believes that it takes decades to get even a 10% return on investment, because every dollar you invest in needs to be turned into $97 to break even.
Instead, Jusco said that Bitcoin offers a more attractive product.
"Considering the wealth created, companies like Google and Amazon will be subverted and they will all be replaced by this new technological development, but it is still too early."
He added that people who are worried that Bitcoin can't expand shouldn't worry. He said that this is just the foundation of this new technology, just as TCIP is used on the Internet. The required expansion will be built on a new layer above the first level. He said that once the technology is ready, it will be very valuable.
"The good news about this is that Bitcoin will create the greatest wealth in human history. The first $10 trillion company, the first trillionaire, will all be born in this field. Because we are doing Things have fundamentally changed the way we exchange value," Jusco said.
“We’ve been telling agencies that it’s simple. Guys, you have to put 1% of your assets into bitcoin as digital gold. It’s better than gold,” he added.
“Put one percent of your money into the chaotic hedging and get rid of insurance. But then it will take 3-5% of the money to build the channel, build the infrastructure, and support the companies you are building. We can create this new ecosystem until 2024."
Yusko talked about the development time of technologies such as mainframes, microchips, and personal computers, and called 2024 a year of technological evolution. He called it "trust network."
“You heard this for the first time here,” he said.
Although Web3 is known as the Money Internet or Value Internet, he believes it should indeed be called the "trust network." He said that because of the PS image and Deepfake technology, you can't trust photos or videos today. Therefore, the killer use case for blockchain is "trust."
"What we need is a certificate of authenticity. This is the role of blockchain technology, you can use money like Bitcoin," Yusko said.
"For these identities, you can give each picture and video – everything in the world will be authenticated on the trust network, which will provide the agency with a range of other support opportunities."
“Every asset in the world will be tokenized.”