During a recent Tech Path Crypto podcast, Mark Yusko, the CEO of investment firm Morgan Creek Capital, discussed his thoughts on the global adoption of cryptocurrency.
One of his concerns was that the vast majority of bitcoins, around 80%, are held outside of the United States, with Americans only possessing around 20% of the digital currency.
However, Yusko emphasized that this would not affect the day-to-day operations of Bitcoin, even if US citizens did not invest in it.
Yusko pointed out that Bitcoin is especially popular in countries where national currencies are prone to devaluation, such as Nigeria, Turkey, Argentina, and Venezuela. Citizens of these countries tend to prefer Bitcoin and gold due to the instability of their economies.
Yusko also made a humorous comment about the widespread adoption of cryptocurrencies, stating that his six-month-old granddaughter will likely be using digital wallets and crypto assets by the time she is old enough to use money.
Yusko believes that the transition to digital currencies issued by central banks is inevitable, as it represents an important technological transformation of the payment system.
However, he does not think that state stablecoins will be able to replace cryptocurrencies entirely.
Rather, central bank digital currencies (CBDCs) will help people realize the potential and opportunities of crypto assets.
Towards the end of last year, Yusko predicted that Bitcoin could eventually become a replacement for gold.
However, some hedge fund managers have recently criticized meme cryptocurrencies like dogecoin, suggesting they hold no real value as they were created as a joke.