Mark Yusko, the founder of Morgan Creek Capital Management, claimed in his latest tweet that only gold and Bitcoin can be considered money.
The leading investor, referring to the legendary American financier JP Morgan, believes other asset classes represent the financial world only as a lending tool.
Morgan’s Claim Remains Valid
In 1912, the legendary J. P. Morgan argued that gold was the only type of money.
“All other assets in the banking system – including dollars – are forms of credit whose value depends on the borrower paying off the debt. Gold is the only financial asset with zero counterparty risk. ”
Over the years, gold has strengthened its status as a store of value despite competing with the US dollar, which emerged as the world currency in 1944.
Bitcoin, a decentralized digital currency, is called “digital gold” with a low annual inflation rate.
In May, Yusko estimated that the price of Bitcoin could reach $ 400,000, surpassing the amount of gold on the market.
