Morgan Creek Capital founder Mark Yusko says that JPMorgan CEO Jamie Dimon and other figures of the traditional finance industry are worried about the rise of Bitcoin (BTC) and crypto assets.
Recently, Dimon said in a testimony to Congress that digital assets are for criminals, and if he were the government, he’d “close it down.”
[adinserter block="1"]In a new interview on CNBC, Yusko says that Dimon has a direct interest in not embracing crypto as the technology has the power to make much of his industry obsolete.
“When your livelihood depends on not understanding something, you won’t. Jamie understands it, he’s a very smart person, but he and other people in the financial services industry are afraid, quite honestly. This technology, blockchain technology, will do to financial services what the internet did to media and commerce.
It changes the landscape. You and I can now exchange value without an intermediary, and for 838 years, we’ve needed intermediaries to exchange value. The banking system, the finance system, accounting, and auditing. All of those things are less valuable in the new world with new technology, but it’s inevitable.”
Yusko says that in 2024, Bitcoin will likely enjoy “additional demand pressure” as several bullish catalysts pile up, and that currently, the bull market is only just beginning.
“As we head into the new year, we’ve got the halving of April or May of next year, that’s exciting, that’ll put additional demand pressure on Bitcoin. As we enter crypto fall next June, things could get very exciting, so we think the market is just getting warmed up here.”
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