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Morgan Creek CEO Says Bitcoin Doing 'Extremely Well' Due to Fed Reserve's Dollar Devaluation
CEO Mark Yusko said that "zombie companies" have left the Fed no choice but to devalue the dollar, prompting investors to turn to bitcoin and gold.
Updated Sep 14, 2021, 10:33 a.m. Published Nov 20, 2020, 10:39 a.m.
The U.S. Federal Reserve and the rise of "zombie companies" is prompting investors scramble to hedge against inflation using bitcoin and gold.
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That's according to Mark Yusko, founder and CEO of investment firm Morgan Creek Capital Management, who spoke with CNBC's Fast Money host Melissa Lee on Thursday.
Yusko took aim at zombie companies (those that need bailouts at times of financial stress to stay in operation), calling them a "Ponzi finance scheme" and saying their inability to repay debt, default or restructure meant the "only choice" left for the Federal Reserve and other authorities is to devalue the currency.
That it is "exactly" what the U.S. central bank has been doing, alongside the central banks of Europe and Japan. "They're going to continue to do that," he said.
See also: ConsenSys, Polychain, Tron, CipherTrace: Blockchain Startups Got $30M+ in US ‘PPP’ Bailout Loans
As a result, bitcoin and gold have been doing "extremely well," according to Yusko. "Before people's eyes, you're having your wealth stolen through inflation."
"Money is being devalued. Over the last three years, stocks are up about 6% a year – not really that great," he said. "But if you denominate in gold instead of dollars they're down 44%; if you denominate in bitcoin it's way worse."
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