Gold and Bitcoin are the only true money, says Mark Yusko

Gold and Bitcoin are the only true money says Mark Yusko

The graphs of both gold and Bitcoin are rising as more people rush towards safety in a pandemic-ridden world. Now, founder of Morgan Creek Capital Management, Mark Yusko, has claimed that investors must consider only gold and Bitcoin as true money in today’s market.

Mark is a perennial Bitcoin bull and has always emphasized the BTC potential as the money of the future. As governments around the world pump stimulus money to shore up their fledgling economies, investors are looking for haven assets in case it all comes crashing down. Gold is considered an eternal safe-haven asset. Bitcoin has shown relatively good resilience in the current turbulent market scenario, which has attracted even veteran investors to its fold.

Gold and Bitcoin reflect true wealth

When prominent market participants, like Mark Yusko, say that only gold and Bitcoin are worthy of being called money, it does raise eyebrows. In his latest tweet, he challenges the traditional market that puts its trust in fiat money.

In his tweet, Mark quoted the famed American financier J.P. Morgan and said that every other asset except gold and Bitcoin is merely credit. He pays homage to Morgan’s quote and wants to say that his decades-old quote is very much relevant even today.

The famous quote was part of the 1912 congressional testimony where J.P. Morgan said that gold does not have any counterparty risk and therefore is the only true form of money. Every asset in the banking system was in credit form. Its intrinsic value depended on the ability of the debtor to pay it back. However, gold bears no such counterparty risk.

Dollar losing value against gold and Bitcoin

The dollar is the reserve currency of the world. Ever since it emerged as a global currency in the year 1944, it has competed against gold as a storehouse of value. In tough times, it has solidified its credentials, just like gold.

Now, Bitcoin is entering the fray with its decentralized characteristics that make it indeed a global currency. Often referred to as digital gold, its annual inflation rate has reached gold levels. Yusko also commented that Bitcoin could soon reach $100,000 mark and challenge gold in terms of market cap.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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