That’s according to Mark Yusko, founder and CEO of Morgan Creek Capital Management investment company, who on Thursday 19, 2020, spoke with Fast Money host Melissa Lee of CNBC.
Yusko targeted zombie firms (those that need bailouts to continue in business in times of financial stress), calling them a “Ponzi finance scheme” and suggesting that their refusal to repay debt, default or restructure meant that the “only choice” left to the Federal Reserve and other authorities is to devalue the currency.
According to coindesk.com, that it is “exactly” what the U.S. central bank has been doing, alongside the central banks of Europe and Japan. “They’re going to continue to do that,” he said.
As a result, according to Yusko, bitcoin and gold have been doing “extremely well.” “Before people’s eyes, you’re having your wealth stolen through inflation.”
“Money is being devalued. Over the last three years, stocks are up about 6% a year – not really that great,” he said. “But if you denominate in gold instead of dollars they’re down 44%; if you denominate in bitcoin it’s way worse.”