Mark Yusko, founder of Morgan Creek Capital Management, claimed in his last tweet that only gold and Bitcoin could be considered money.
Referring to legendary American financier JP Morgan, the leading investor believes that other asset classes only represent the financial world as a loan instrument.
— Holger Zschaepitz (@Schuldensuehner) June 30, 2020
Morgan’s Offer remains Valid
In 1912, JP Morgan argued that gold was the only form of money.
“All other assets in the banking system at the time – including dollar bills – are forms of credit, the value of which depends on the borrower who repays his debt. Gold is the only financial asset with zero counterparty risk. ”
For all these years, gold has consolidated its value store status despite its competition with the US dollar, which emerged as the world’s currency in 1944.
Bitcoin, a decentralized digital currency, is called “digital gold” with low annual inflation rate.
In May, Yusko predicted that the price of Bitcoin could reach $ 400,000, exceeding the amount of gold in the market.