Mark Yusko, CEO of Morgan Creek Capital announced on an interview with CNBC that every investor should have some bitcoin (BTC) in their portfolio.
Yusko believes that BTC investments will outperform the S&P 500 fund over the next 10 years. He said, “Bitcoin is a great diversifying asset. It has very low correlation. It should be in everybody’s portfolio.”
He also recalled his Buffet Bet 2.0 wager of late 2018 when his fund issued a $1 million bet against the S&P 500 (SPX) stock market index. The wager claimed that the Digital Asset Index Fund — a basket of ten major crypto assets — would outperform the SPX over the next 10 years, starting Jan. 1, 2019. It was called ‘Buffet Bet’, because in 2008 Warren Buffet bet $1 million that the S&P 500 would outperform a group of hedge funds over a ten-year period.
The Digital Asset Index fund includes ten major crypto assets — not just bitcoin. The proceeds of the bet would reportedly be donated to charity.
Yusko is known for being bullish on BTC. He has previously predicted that bitcoin will reach a high of $400,000 at some point. In addition to his optimistic prediction, he commented on its potential for disrupting traditional banking and finance: “This will change the supply and demand equation for banking. It is that big. I’m not surprised at all that bankers, financiers and Saudi Princes are coming out against it. This is a truly disruptive technology.”