“Get rid of Amazon” and get Bitcoin (BTC) instead, Morgan Creek Capital CEO Mark Yusko argues.
Quietly sell “dead money” Amazon stocks and put that cash into Bitcoin- is the advice of the investment management firm director.
According to Yusko, the first trillionaires of this world will owe their wealth to Bitcoin and blockchain. The Morgan Creek Capital chief said this in his speech as the guest speaker at this year’s Digital Asset Summit in New York.
Yusko reckoned that Bitcoin provides the platform for the next groundbreaking technology,” – a wealth creator greater than Web2.
He gave the example of Google at the dawn of the Internet revolution. Many people failed to notice the fledgling search engine had better technology (and greater potential as an investment tool). But Sequoia, in which Morgan Creek Capital invested $5 million, took the initiative and turned the investment into over $200 million.
That was 1996 and fast-forward to 2020 and Web2 no longer holds the key as the best opportunity towards wealth creation.
It is blockchain, Yusko argued, that has that capacity. The “genie” is out and it isn’t “going back into the bottle” he said.
“It’s coming. … [And] it’s going to create the greatest wealth in the history of mankind.”
Here is where Yusko believes Bitcoin offers the investment opportunity that stocks like Amazon won’t have in a few years.
His suggestion? Sell “dead money” Amazon. He said:
“Get rid of Amazon. Slide out quietly, no one will pay attention. Sell it. Amazon—dead money for a decade,”
Sell Amazon and get the Digital gold
His audacious (even if controversial) argument did not stop there. He noted that this simple advice is what they (as investment advisors) have given to institutions all along.
“Folks, you’ve got to put one percent of your assets in Bitcoin as digital gold. It’s way better than gold,”
Bitcoin and blockchain form a crucial chunk of Web3, an ecosystem that is set to disrupt how we exchange value.
According to Yusko, the first 10 trillion-dollar company or the first trillionaires will get their wealth from this Internet of money. Much of it, he added, will be down to greater blockchain adoption and tokenization.
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