- Mark Yusko of Morgan Creek has claimed that central banks are “petrified” of the rapid developments being made in the crypto and DeFi space
- Yusko praised the algorithm-based approach of Bitcoin compared to the “fiat printing press”
- Meltem Demirors countered by arguing that the dollar is still more desired than any digital currency throughout the world
Mark Yusko, co-founder, CEO, and CIO of Morgan Creek Capital Management has claimed that central banks are “petrified” of the disruption that is being caused by the rapid developments within cryptocurrency. Speaking at The Crypto Gathering alongside other big hitters in the crypto space, Yusko praised the fact that cryptocurrencies are governed by unchangeable algorithms as opposed to human beings, while other panelists argued that it was going to be hard to shift the dollar from its place as the world’s reserve currency.
Mark Yusko: Central Banks “Create Inflation to Steal Wealth From the 99%”
Mark Yusko was speaking with Alex Saunders, Meltem Demirors, and Ash Bennington on the subject of Finding Edge in Crypto, where the subject of DeFi and the crypto movement came up with regard to its impact on the traditional finance system. Yusko was very bullish on their potential, especially when the subject of fiat money printing came up:
The future of this disruption in central banking is real, and that’s why the central banks are so petrified. […] we know [Bitcoin’s] monetary policy every day, every 10 minutes for the next 140-odd years. We don’t know what the Fed’s going to do tomorrow, or the ECB’s going to do. Actually we do know – they’re going to create inflation to steal wealth from the 99%.
Meltem Demirors: Dollar is Still the “Universal Language”
Mark Yusko saw his bullishness tempered by Demirors, Chief Strategy Officer of Coinshares, who was a little more circumspect with regard to the lofty ideals of a decentralized economy:
When I go to Turkey, when I go to Argentina, when I go to south east Asia…they don’t want Bitcoin. What every person in the world wants is a dollar. You take a dollar anywhere, it is the universal language, it is the global reserve currency.
Demirors added that even in the crypto ecosystem “what people want right now…is dollars”, as evidenced by the plethora of dollar-backed stablecoins in circulation. She continued by saying that “it’s very hard to remove the dollar from the world’s unit of account”, a situation that the US government is actively trying to reinforce by holding more discussions recently on the potential of a digital dollar.
Ignorance is Not Bliss For Crypto Fans
While it is important to have individuals such as Mark Yusko being bullish on the future of crypto and digital assets, as Demirors points out, much of the world hasn’t yet woken up to their benefits yet, and may not do so for many, many years. A digital dollar would certainly help understanding in general, but unless a mass education program of some sort is implemented, the dollar will likely remain king for some time yet