Head of Morgan Creek Capital: Sell Amazon shares, buy Bitcoin
Amazon shares need to be sold, it’s “dead money” for a decade, said Mark Yusko, executive director of Morgan Creek Capital, during the Digital Asset Summit 2019. The head of the hedge fund believes that it should be invested in Bitcoin, reports Decrypt.
“Get rid of Amazon shares… it’s dead money for a decade. We advise institutional investors to keep at least 1% of their assets in Bitcoin – it is digital gold. Even better than gold,” Yusko explained.
He compared Bitcoin to Google at an early stage of its existence. Morgan Creek Capital invested $5 million in the search engine in 1996, when it was the 16th most popular, bringing the fund $200 million in profits. People didn’t invest in this project because they didn’t know the technology, Yusko emphasized.
According to him, there is no need to worry about the problems of Bitcoin scaling. The first cryptocurrency is at the basic level, as well as TCIP for the Internet, the expert believes. He added that 2024 will be the year of technological development.