Morgan Creek Capital CIO Mark Yusko is weighing in on the future of crypto and whether the industry will remain dependent on centralized exchanges.
In a new interview, the hedge fund veteran says that a time will come when the crypto space will become more decentralized.
“There is a day in the future where exchanges are less necessary, when we can have a pure DeFi [decentralized finance] or a pure Bitcoin world. We’re not there, not even close, but someday. In the interim, we need some viable exchanges.”
Looking at Bitcoin (BTC), Yusko says the king crypto continues to show strength despite industry headwinds, including the high-profile collapse of FTX.
“Bitcoin is up 10% since we talked last week. It’s up 13% in the past month and it’s up meaningfully from the bottom kind of 50% from the bottom post-FTX, so massive resilience.”
Amid the anticipation for the next Bitcoin bull run, Yusko says many are not ready to see BTC breach the six-digit mark.
“A lot of people are starting to look toward the halving early next year and crypto spring is getting long in the tooth, and we’re only a few months away from crypto summer. I saw somebody say, ‘Are you ready emotionally for $100,000 Bitcoin?’ I don’t think people are, I really don’t. I don’t think they’re ready to see the next bull cycle.
[It] is as inevitable as spring turns to summer and night turns to day. It’s going to happen and all the fundamentals: hash rate all-time high, number of wallets greater than 0.01 [BTC] all-time high, you got the whole new thing on ordinals and NFTs on Bitcoin…
I think that the inevitability of digital assets is stronger than it’s ever been. The positive energy around the ecosystem is starting to come back after being suppressed.”
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