Mark Yusko chooses Bitcoin over stocks: 'Not even going to be close'

23 May, 2019 | Updated: 23 May, 2019
by Jelmer van der Dussen
Bitcoin
Mark Yusko chooses Bitcoin over stocks: 'Not even going to be close'

Mark Yusko, Founder of Morgan Creek Capital Management, said on CNBC's Fast Money on Wednesday that everyone should have Bitcoin in his or her portfolio.

Yusko called the sell-off in stocks in 2018 and now says that the stock market is already in a bear market and 'it will only get worse'. "I definitely say put your money on Bitcoin", Yusko said at the end of his analysis on the stock market.

"I even wear my Bitcoin tie today for you guys. I was on this show back in December when it was $3100 and you said what do you think? And I said look: we've issued the Morgan Creek Digital crypto challenge, we will take Bitcoin over the next 10 years starting on January 1st, and we will take anybody who wants to take the other side. A $1 million charity bet, just like the Buffett style bet. We got no takers."

Since then, Bitcoin has climbed to well above the $7500 zone. "Now it's a good thing they didn't take it because Bitcoin is up over a 100% this year and the S&P is up 14%,. But I think going forward from here, even over the next year, over the next 10 years, it's not going to be close. Bitcoin is a great diversifying asset, it has very low correlation, it should be in anybody's portfolio", Yusko said.

Mark Yusko is the Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management, the same firm where Anthony Pompliano, partner of Morgan Creek Digital, is active. In December, 'Pomp' said he would take any $1 million charity bet on Bitcoin, inviting investors who think the S&P 500 would outperform their index fund (which contains BTC, ETH, BCH, LTC, XMR, ZEC, DASH, IOTA and NEM) to take the other side of the bet.

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