Morgan Creek Capital CEO Mark Yusko has stated that Bitcoin is vital to have for financial institutions. He believes that crypto assets and Bitcoin in particular are necessary for institutional investors to embrace when speaking about Bitcoin and pension funds.
Yusko believes that Bitcoin is an absolute must for institutional investors to acquire. They have to ‘get off zero allocation to crypto and Bitcoin in particular’, he said. High-end crypto investors keep promoting Bitcoin, promising high returns in the future, often mentioning that it cannot be manipulated or printed extra unlike fiat money during the recent Fed Reserve QE moves.
The Morgan Creek Capital CEO also supported Anthony Pompliano, who is an American entrepreneur, investor, and U.S. Army veteran, on Bitcoin and pension funds. Yusko’s tweet came as a response to an earlier statement of Anthony Pompliano from Morgan Creek Digital, in which Pompliano stated that US pension funds will be unable to conduct pension payouts to all of their customers in the future, basically hinting that they should all invest in Bitcoin, despite its volatility.
Pomp, who is a very popular Bitcoin bull, recently took to Twitter to express his belief that Bitcoin will probably be adopted in the U.S as an official digital currency. “Bitcoin was released in 2009. A decade later it has grown to a $200+ billion asset. Now the US government is talking about tokenizing their fiat currency in response. In a few years, they will likely be talking about adopting Bitcoin as a national currency,” he tweeted.
Since the inception of Bitcoin, many people probably did not think that Bitcoin would be where it is today, after just about a decade. With this same growth rate, it’s almost impossible for the biggest world powers to ignore cryptocurrency much longer, Pompliano said.
It is a fact that the growth of king coin during the last some years has been quite substantial and has probably surpassed any records set by any other assets or sectors within the same time period. The benefits of digital currencies have been felt far and wide in many different sectors, even by naysayers who do not support the sector. Pompliano’s extremely bullish attitude on Bitcoin is of significance as currently there are several different firms that have issued or are actively considering issuing their own cryptocurrencies, and many different countries are also working on their own CBDCs.
Already, the president of the Philadelphia Reserve Bank, Patrick Harker has said that a U.S. own Central Bank Digital Currencies (CBDCs) is “inevitable” and sooner or later, the Federal Reserve would have no choice than to join the crypto sector. In the same way, two US Congressmen had written an official letter to Jerome Powell, the Chairman of the Federal Reserve Board. In the letter, Reps Bill Foster and French Hill expressed that “the primacy of the U.S. Dollar could be in long-term jeopardy from the wide adoption of digital fiat currencies.”
The Congressmen ended the letter with a few questions directed at Powell, regarding the possibility of tokenizing the dollar and whether or not there was a response plan if it happens that digital currencies gain worldwide adoption.