"Bitcoin is money": Morgan Creek CEO (and others) school Trump on economics

12 Jul, 2019
by David Robb
Opinion
Bitcoin is money: Morgan Creek CEO (and others) school Trump on economics

In the wake of Donald Trump's recent disparaging comments about crypto, enthusiasts have been taking the opportunity to defend Bitcoin and express their disdain for the former host of The Apprentice. The CEO of digital assets hedge fund Morgan Creek is one of the latest prominent figures to get in on the action.

Just under 24 hours ago, the 45th president of the United States of America shared his thoughts on Bitcoin and cryptocurrencies via his favourite social media platform. In a tweet, Trump claimed that he was "not a fan" of crypto, mostly due to its volatility and lack of underlying value, saying that BTC and other cryptos are "not money".

The Morgan Creek CEO took issue with this last assertion. Mark Yusko, who is also the CIO and founder of the NY-based VC firm, pointed out that BTC does consitute a form of money, going by the technical definition of money. He also pointed out that fiat currencies like USD could, in a sense, also be considered as having no intrinsic value.

Observers were supportive of Yusko's take, claiming that Trump and other members of the traditional financial elite were motivated by their fear to make negative comments about crypto. 

Meanwhile, popular crypto influencer @Bullyesq also pointed out that Trump's claims about the volatility and unreliable value of BTC could be applied similarly to the US Dollar itself. 

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