It’s been revealed more than once that Bitcoin is a viable hedge against inflation.
Now, Morgan Creek Capital Management’s Mark Yusko also said that owning Bitcoin and other digital assets is a means to escape the massive inflation.
Bitcoin is a viable hedge against inflation
During a new interview with CNBC, the head of the investment management firm calls Bitcoin a “perfect” store of value asset.
This is extremely important because we live in a world where governments are in a race to devalue their currency.
“When you think about countries like Venezuela or Zimbabwe, where the countries themselves devalue their currency 99.99%, all of your wealth is destroyed…It’s not so much that Bitcoin is getting better relative to those currencies. Those currencies are just getting worse. And the same thing is happening all around the world. There’s a global race to the bottom.”
He continued and explained that when countries become very indebted, the only way out is to devalue the currency.
He also made sure to say the following:
“You can’t pay the debt back, you can’t restructure, you can’t default on it, so you have to devalue the currency. So that’s why you need in your portfolio a base of crypto as a store of value.”
He also said that the price of Bitcoin does not matter, as long as the value of BTC is increasing.
He explained that the price of the king coin will continue to remain volatile due to the fact that humans and machines are volatile themselves.
He said that people would focus on increasing their ownership of the most powerful computing network the world has ever seen. And he concluded by saying that ownership is edge.
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $56,875.