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EXCLUSIVE: Yusko Calls Out Warren Buffett, 'The Reason Warren Wants To P--- On Bitcoin Is...'

Published Sep 29, 2023 18:24 Updated Sep 29, 2023 19:40

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EXCLUSIVE: Yusko Calls Out Warren Buffett, 'The Reason Warren Wants To P--- On Bitcoin Is...'

© Reuters. EXCLUSIVE: Yusko Calls Out Warren Buffett, 'The Reason Warren Wants To P--- On Bitcoin Is...'

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Benzinga - by Chris Katje, Benzinga Staff Writer.

Morgan Creek Capital Management CEO and founder Mark Yusko is a firm believer in the future of Bitcoin (CRYPTO: BTC) and has choice words for crypto critics like Warren Buffett.

What Happened: Yusko started buying Bitcoin in 2018. Today, he predicts Bitcoin could hit six-figures in 2024 and increase substantially in the future. But it took awhile to convince other investors that there was value in the leading cryptocurrency, and it wasn’t just used by criminals.

Buffett, who is CEO of Berkshire Hathaway Inc (NYSE: BRK-A)(NYSE: BRK-B), once referred to Bitcoin as “rat poison squared” and has said he wouldn’t spend $25 on all the Bitcoin in the world combined.

In an interview on “The Raz Report,” Yusko praised Buffett as a “mad genius,” but didn’t hold back when asked why Buffett is against Bitcoin.

Buffett was able to create an investment vehicle that doesn’t ever pay taxes and borrows money from his customers at negative rates, Yusko explained.

And Berkshire’s insurance business is used to fund other investments. “He’s leveraging his underlying portfolio,” Yusko said.

Buffett also buys high cash flow assets. For example, Buffett bought shares of Wells Fargo & Co (NYSE: WFC) not because it was a cheap stock, but because the bank moved to fee-based services and less reliant on the interest market.

Another example: Buffett purchased shares of Apple Inc (NASDAQ: AAPL) not because it's a technology leader. He liked the launch of the app store, the recurring revenue stream from fees, and the company's buying back of shares.

Yusko, who admitted that he has criticized “Uncle Warren” in the past, said Buffett has built his empire in fiat currency and the rise of Bitcoin is a risk to that.

For the same reason, Buffett doesn’t like gold, he doesn’t like Bitcoin — it's the antithesis of everything he’s created and a store of value.

“The reason Warren wants to piss on Bitcoin is Bitcoin threatens the $7 trillion a year trust industry," Yusko said, citing how a large portion of Buffett’s portfolio is in banks and financial companies that win from fiat currency and the devaluation of the U.S. dollar.

“When you’re at the top, it’s awesome if the government devalues money," he added. "He’s at the tippy top of the spear.”

Hear more from Yusko at the Future of Digital Assets in New York City on Nov. 14. Yusko will share more on the misconceptions of the leading cryptocurrency. Get tickets today.

Related Link: Warren Buffett Owns Bitcoin - How The Oracle Of Omaha Got Exposure

Yusko on Inflation: Yusko also discussed the rise of inflation and the devaluation of the U.S. dollar.

“Gold is money, gold is the only money in the world,” Yusko said on “The Raz Report.”

All the other items that the world thinks are money are currency, Yusko added.

Yusko said the government has devalued the U.S dollar and created inflation with a reverse Robin Hood method of stealing from the poor and giving to the rich.

While many recognize stocks being at all-time highs, Yusko said they’re only at all-time highs when compared to “toilet paper,” in a reference to the U.S. Dollar. When looking at stocks valued versus gold, they’re flat over time. Comparing stocks to Bitcoin, they are down, Yusko shared.

Yusko said there has been large currency devaluation and not inflation and in many cases its currency manipulation.

In the future, Yusko sees Bitcoin replacing gold and the blockchain having truth that replaces trust with verifiable transactions that can’t be changed or manipulated.

“A lot of people don’t want this to happen, so they piss on this.”

Read Next: Here's How Much $100 Invested In Bitcoin Today Could Be Worth In 2028 If Mark Yusko's Price Target Hits

Yusko is a featured speaker at Benzinga’s Future of Digital Assets event on Nov. 14, 2023 in New York City. Get your tickets today to hear exclusively from Yusko at the event.

Image: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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