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December 28, 2022

Hedge Fund Veteran Mark Yusko Warns of Imminent ‘Sinister’ Threat to Crypto Industry

By Alex Richardson

Morgan Creek Capital CIO Mark Yusko says that the crypto industry is facing a sinister threat that investors may want to watch out for.

In a new interview with Blockworks, the crypto veteran says that the digital assets space is at the phase where it – like other groundbreaking inventions before it – faces aggressive opposition from those in power.

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He applies to crypto Mahatma Gandhi’s famous “First they ignore you, then they laugh at you, then they fight you, then you win” phrase.

“I’m not going to go all the way into the complete sinister, but we’ve talked about this over and over. We are in the ‘then they fight you’ stage. In 2009 to 2015… [It was] ‘First they ignore you.’ They said ‘bunch of nerds and geeks playing with their magic internet money, who cares?’

2016 to 2021 was ‘then they laugh at you.’ ‘Bunch of nerds and geeks playing with their magic internet money, ha ha ha ha, not real.’ 2022 to 2027 unfortunately, probably, [is] ‘then they fight you.'”

Yusko says that banks, regulators and other powerful figures could be trying to sabotage the industry, and speculates that FTX CEO Sam Bankman-Fried’s various attempts at crypto legislation could’ve been influenced by others behind the scenes.

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“I will take the other side. SBF is the mastermind of nothing, Caroline [Ellison]… They are not masterminds, they are useful idiots. That legislation didn’t come from him it came from the top. That is what the incumbents, the banks, and the regulators trying to do… Cancel this incredible technology that replaces trust with truth. 

That is a monster, monster transition that is going to happen.”

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