Morgan Creek Capital founder Mark Yusko is predicting that traditional finance (TradFi) corporations will eventually transform into digital asset businesses.
In a new London Real interview with host Brian Rose, Yusko predicts that it is only a matter of time before digital assets take over the financial sector.
He compares the current state of blockchain technology and crypto to the early days of the internet and predicts continued evolution in the digital asset space along with mass adoption.
Yusko says that TradFi entities may be pushing false negative crypto narratives only because it threatens their current business models but if they could take over the space themselves, they would.
“Basically what [TradFi is] saying is [crypto] is destabilizing for the incumbents. But if the incumbents run crypto, then we are good. Okay, but that’s the way it always happens. Think about the 2000 [interent] boom. Webvan total failure. Pets.com total failure. Why? Because the incumbents, the pet food companies on the ground didn’t want you ordering your pet food from the internet. Today, Chewy.com is a $20 billion company. It’s the same company as Pets.com. Amazon or DoorDash is the same as Webvan. It just took 20-plus years to kind of get through that.”
Yusko predicts that digital assets will ultimately expand to nearly all types of transactions involving global assets, valued today at $700 trillion. However, he predicts legacy financial systems will put up a fight to stop mass crypto adoption.
“But that doesn’t change the fact that we’re going to transact in digital assets. And every stock, every bond, every currency, every commodity, every piece of real estate, every piece of fine art, every collectible car, every private business, every everything, all $700 trillion of global assets will eventually be tokens, which just means an entry on a ledger, and will trade on blockchains, not in databases run on COBOL (Common Business Oriented Language).
To this day, if you whip out your Visa card and use it, you are participating in a COBOL-based mainframe computer database. That’s all Visa is…
The only problem is when it breaks, we got to put a light on at the Sunnyvale retirement home and some 80-year-old comes over and fixes it because they’re the only people who know how to code COBOL. That’s an inferior system.
But it’s really profitable for Visa and for MasterCard and for American Express. And they’re going to fight tooth and nail to stop this better system, which would be hard wallet to hard wallet.”
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The post Mark Yusko Predicts Legacy Financial Corporations To Become Crypto Companies As Digital Assets Become Inevitable appeared first on The Daily Hodl.
