Morgan Creek Capital CIO Mark Yusko says that a US government ban on Bitcoin (BTC) would not stop the king crypto in its tracks.
In a new interview with Paul Barron, the crypto veteran says people are wrong when they suggest the government could ban Bitcoin.
[adinserter block="1"]He argues that US Bitcoin holders are just a small portion of global BTC holders and the leading crypto would continue to thrive if the federal government prohibits it.
“People forget 80% of Bitcoin is held outside the United States. Americans only own 20% of it. And if Americans owned zero of it, it would still function every single day. If there were no nodes in the United States. If they made it illegal to run a node. If they made it illegal to move your money in and out through fiat on ramps and off ramps, Bitcoin wouldn’t care.”
Yusko also says that Bitcoin is popular in a country like Nigeria because its native currency is losing value against gold and BTC.
“[Bitcoin’s] the most popular currency in Nigeria today, because the Nigerian naira is going into the toilet like the Turkish lira and the Argentinian peso and the Venezuelan bolivar. So all of those assets are deteriorating in value relative to things like gold and Bitcoin.”
Bitcoin is worth $27,249 at time of writing.
Yusko believes that virtual assets will see mass adoption by the time his six-month-old granddaughter is using currency.
“She will never know paper money. She will never know a leather wallet. She will know a digital wallet. She will know digital money. Hopefully not CBDCs, Bitcoin et al. but ultimately, that transition is as fundamental and as certain as every other major technological transformation that we’ve had in history. But at the time when you’re going through it, everybody dismisses it as a fad. That’s why That’s what creates the great opportunities.”
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