Mark Yusko predicts that central banks will be using bitcoin as reserve currency

Mark Yusko, founder and manager of hedge fund Morgan Creek Capital, believes that the authorities will eventually turn to the devaluation of the US dollar to pay off a significant national debt.

“Therefore, now the only way out is to print money … This is the only way out for an empire that is deeply in debt. Even if they tried to tax all the wealth in the United States, they could not repay the debt…
Everyone is talking about a “strong” dollar. It is not strong. DXY [US dollar index] is not a dollar, DXY is the relative value of the dollar against the yen and the euro. The dollar is toilet paper, or corrugated paper, the yen is super-toilet paper, and the euro is just toilet paper,” the expert said.

According to the US Treasury Department, the national debt has now reached $30.93 trillion. Yusko pointed out that central banks, which once preferred only US dollars and gold as reserves, have turned to the yen and euro as a result.

In addition, the founder of Morgan Creek Capital claims that bitcoin will eventually be added to the state treasury and replace gold.

“Central banks used to have gold. Then they had gold and dollars, and then yen and euros. Now they have some yuan, [and] eventually they will have some bitcoin… And then, eventually, bitcoin will displace gold,” Yusko said.

However, he clarified that this will happen within 10–20 years, when central banks around the world understand “that in order for them to have a viable asset, they need to have gold, bitcoin and several other major currencies as their assets.”

And the founder of Galaxy Digital Mike Novogratz confirmed his early forecast for BTC to rise to $500,000. In his opinion, now the first crypto coin will need more than 5 years to achieve this goal due to significant changes in the macroeconomic situation.

Do you agree with this?