Morgan Creek: fiat currencies are going to be replaced by cryptocurrencies

24 Sep, 2018
by Richard Allen
News
Morgan Creek: fiat currencies are going to be replaced by cryptocurrencies

Inside Morgan Creek Capital Management’s 2Q/2018 Market Outlook and Review lies a bold claim. According to the asset manager, fiat currencies will be replaced by cryptocurrencies and and it suggests that investors start getting involved in digital assets, BTCManager reports.

“In our view, blockchain is a truly revolutionary technology that will disrupt the entire Chain of Value in the same way that the Internet disrupted communication and commerce. [We] believe money as we know it is going away and it will be replaced by the Internet of Money (or Internet of Value). [We] believe Bitcoin (and other cryptocurrencies) are here to stay and they are just getting warmed up,” Morgan Creek said in the report.

Some competitors have claimed that cryptocurrencies are a bubble and have likened Bitcoin to a Ponzi scheme. Despite comments like these, Morgan Creek believes the recent bear market “will turn out to be barely observable wiggles on a long-term chart as cryptocurrencies replace fiat currencies over the coming decades.”

The report continues by saying, “Bitcoin prices are following a 2014 Logarithmic Non-Linear Regression model [and] that model predicted the $10,000 price this past November and shows how Bitcoin will move the next 10X to $100k over the next three years.”

The news in recent weeks, such as the announcement of Bakkt – the cryptocurrency exchange launched by NYSE parent ICE – suggest mainstream adoption is on its way.

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