In this insightful video, we delve into the transformative potential of blockchain technology and its impact on the financial sector, guided by the perspectives of industry experts like Mark Yusko. We explore the disruptive nature of blockchain, akin to the internet’s revolution of media and commerce, and its implications for traditional financial institutions. The discussion also sheds light on the significance of innovative ideas and their opposition, particularly in the context of Bitcoin and its reception among influential figures in finance. We unravel the complexities of JP Morgan’s stance on blockchain, despite public criticism of Bitcoin, and discuss the future of Bitcoin as ‘digital gold’ in 2024. This video is a must-watch for anyone interested in understanding the evolving landscape of cryptocurrencies and blockchain technology. Join us as we unpack these insights and predictions for a clearer view of what 2024 holds for the world of digital finance.
Mark W. Yusko is an American investor and hedge fund manager. He is the founder, chief investment officer and managing director of Morgan Creek Capital Management, an investment management firm that advises pension funds, endowments and wealthy individuals.
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What does Jamie Diamond do he runs the largest bank in the world well second largest bank of international settlements bigger but but he he runs one of the largest banks in the world it’s a really powerful guy so wait a minute what is blockchain technology do it does to financial services what the
Internet did to media and uh Commerce right Amazon exists because of the the internet and Mom and Pop Shop a lot of them went out of business because you can buy it from Amazon same thing’s going to happen to finance so he runs a financial services firm that is
Threatened by this new technology Bitcoin being one manifestation of it and so yeah he’s Nervous Mark yuso paints a vivid picture of blockchain’s transformative potential comparing its impact on finance to that of the internet on media and commerce adding a recent perspective jimie Diamond despite his skepticism towards Bitcoin acknowledges the potential of blockchain he Praises its efficiency and applicability especially in smart contracts and asset tokenization while
Remaining cautious about bitcoin’s speculative nature and its viability as an asset posts the mining of 21 million Bitcoins this contrast highlights the ongoing debate in the financial World about the role and impact of cryptocurrencies let’s take a moment to understand this better blockchain technology offers a decentralized and transparent method for transactions
Cutting across traditional banking boundaries despite his criticism of Bitcoin Diamond’s acknowledgement of blockchain’s potential suggests a growing acceptance of its underlying technology in mainstream Finance if you’re as passionate about understanding the future of Finance as we are make sure to hit the Subscribe button and
Like this video my other view is you can always judge the quality of an idea by the quality of its detractors right if you have an idea and no one who’s important or meaningful hates it it’s probably not really that big an idea if you have an
Idea and people who have power and influence don’t like it you’re on to something and you can go back in history you know from you we just had Martin Luther King Day right he had some detractors in really high places and probably ended up you know costing him
His life for that right for taking a stand for human rights and civil rights but if nobody cared about that then it wouldn’t have been a big idea but it was a really big idea yeah and one I personally I’m very grateful for for him you know starting it or not
Start he was one of the people that started him so when you think about it Bitcoin is the pure solution right it is proof of worth it is you know about broad consensus about this powerful Computing platform and you know Jamie said you know satachi or whatever his
Name is Satoshi Jamie satachi is Gonna Come and he’s gonna just create a bunch more he’s be laughing at you and Jameson Lop one of the core developers said here are the five lines of code that cannot be changed by any one person now if we all decided collectively to make changes
We could do that and any change that’s beneficial to the network we’ll probably all approve but anything not beneficial to the Network’s not going to get through no matter who you are so because you know Satoshi whoever he she they are he identified as a he once so probably a
He or maybe a group of he’s actually said I’m giving up my project so I’m not in charge anymore and so what’s interesting about about all of that is the there are these other blockchains that are centralized and different levels of centralization but but they’re centralized and it’s not shocking at all
That the bank of international settlements and World economic Forum are working with things like xrp and Stellar because those are centralized and xrp people are gonna hate when I say that but but they are and that’s what they want they want private blockchains permissioned blockchains and even ethereum and
Consensus and and its ties to the banking system says to me that it’s permissioned I want to live permissionless and I’m tired of having the bank have to give me permission to get my money or a brokerage firm give me permission to take my Securities and and transact with you in a permissionless
World Banks brokerage insurance companies Auditors accountants they’re less important and that’s why this is so feared but just like every Innovation right the internet was feared air travel was feared automob the radio was feared television was feared electricity was feared there are these great pictures from the 1900s oh yeah
Electric wires and these demons coming out like it was going to ruin the world and it was going to poison everybody no electricity is awesome it makes my life so good it makes what we’re doing possible and blockchain is the same thing Bitcoin is is the same
Thing so it it’s it’s big it’s here to stay and here’s the thing there’s 30 trillion 30 trillion in Boomer accounts managed by financial advisers it’s a lot 32 if 10 B basis points goes into these ETFs okay that’s $30 billion on an asset that trades about 10 billion do a day
That’ll move the price a lot if 1% which is not even crazy 1% should be like the minimum you should put in I’d argue two three five8 10 but one is the minimum that’s 300 billion on an asset with a current market cap of around 900 billion
So we’re talking about a really really big growing demand and what people forget when gbtc launched they raised about 10ish billion dollars of new Fiat that went into gbtc and uh the price of Bitcoin went from about 10,000 to 59,000 in a matter of months I mean it
Was a total Parabola and yes then it crashed down to 30 and then it went back to 69 and then it crashed all the way down to uh 15 and today you know we’re we’re closer to 69 than we are 15 so that I think history is going to rhyme
And so as that Parabola as that fomo picks up later this year post the having and we get into what’s called crypto fall which is when all of the activity and the media attention and I I think we could go very very quickly from where we are today to
To six-digit bitcoin I mean like faster than people can imagine in his insightful remarks Mark yuso suggests that the resistance faced by transformative ideas is a testament to their potential this perspective is intriguing when juxtaposed with Jamie Diamond’s recent critique of Bitcoin at Davos while Diamond reaffirms his
Critical stance on bitcoin pointing out its speculative nature and potential risks his acceptance of blockchain Technology efficiency underscores the complex Dynamics at play in the financial sector this dichotomy is not unique to demon the financial industry at large is grappling with the disruptive force of cryptocurrencies this dichotomy is not unique to Diamond
The financial industry at large is grappling with the disruptive force of cryptocurrencies while some leaders in the sector are embracing these changes others remain cautious or outright skeptical it reflects a broader Trend where traditional institutions are slowly recognizing the potential of blockchain even as they approach cryptocurrencies with caution another
Important aspect to consider is the evolving regulatory landscape governments and financial Regulators worldwide are paying close attention to cryptocurrencies their decisions will play a crucial role in shaping the future of digital currencies and blockchain Technology I think this is the year 2024 I think is the year where people will finally understand that
Bitcoin is digital gold right I mean gold is this amazing asset it’s an asset that is money right it’s actually one of only two or three monies in the world money is an asset that exists in the absence of a liability everything else that we think
Of as money dollars yen Euros or not not money they’re currency currency is backed by debt and money has to exist with no Associated liability and it has to be given value ascribed value by use and custom and I I love that there was a
A a video years ago of a guy selling Yak meat like back in ancient times and this guy walks up with the chicken and gives him the chicken and gives him the yak meat and then a guy walks up and gives him gold he’s like the hell is that well
It’s gold what do I want that for I can’t eat it I can’t use it I mean I can’t sell it he says just trust me it’s gonna catch on and the idea that a piece of shiny yellow Rock would be the thing that we all for 5,000 years would use to ascribe
Value well the reason is because of scarcity right the stock to flow ratio the amount of new production relative to what’s used or lost are stolen is roughly equal so the stock okay the amount to flow is very high which means your scarcity value is very high well
Bitcoin actually just passed gold in terms of the stock to flow the amount that’s created every year versus what’s lost or stolen okay and that stock to flow ratio means that it’s very scarce well scarcity is one Element you also need something to be portable MH go gold actually isn’t really that
Portable and the real problem with gold is it’s not very divisible like if I had a bar right here right now and I want to break it in half and I think I’m pretty in shape guy but you not really but I’m not strong right I could not break that
Bar of gold even if I were super strong right even I were Arnold right and I could even he couldn’t do it I couldn’t stuff it into my computer and send it to you right well I can hit a couple buttons and send you Bitcoin like
Instantaneously and I can do it to a 100,000 units satoshi’s I mean 100 million units per Bitcoin and this is I I feel sorry for Samantha she’s a very nice lady Samantha dulock and she you know she basically just misspoke right and said well I don’t understand you
Know it’s Satoshi that just means it could be infinitely divisible and create infinitely more it’s like you mean if you take a pizza you can cut it into Infinite pieces and feed the world really is that is that what you’re saying there’s still one pizza but
Anyway so I feel badly for it and I said she’s a very nice lady but Satoshi are just a a devising unit that allow us to not have to think in full Bitcoin at 50,000 bucks but in terms of of pennies or Satoshi so ultimately we’ll get to
That point and there’s lots and lots and lots of Satoshi 2.1 quadrillion which is why my hashtag uh on my my Twitter handle um says 2.1 quadrillion but that’s where we’re headed and divisibility portability and this idea that triple entry accounting is just better it’s a better system markus’s vision for 2024
Where bitcoin’s role as digital gold becomes more widely recognized aligns with the broader Narrative of cryptocurrencies gaining mainstream acceptance despite Jamie Diamond’s skepticism the comparison of Bitcoin to Gold highlights its potential as a store of value particularly considering its scarcity and divisibility bitcoin’s unique characteristics its finite Supply ease of transfer and divisibility
Position it distinctively in the digital age while the future of Bitcoin and valuation remains a topic of intense debate its comparison to Gold invites discussions about the nature of value and the evolution of asset classes in the digital era as we continue to witness the evolution of Bitcoin and blockchain Technology staying informed
And adaptable is key the landscape is rapidly changing with new developments and perspectives emerging regularly here at unscripted crypto we’re committed to bringing you the latest and most insightful analysis thank you for watching don’t forget to subscribe for more unscripted deep dives into the world of cryptocurrencies see you in the next video
4 Comments
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Bitcorn has no utility at 7 transactions per second and won't be Iso2022 regulated going forward!! Say goodbye 💥💥💥💥
Yusko should be promoting Cardano $ADA in addition to $BTC if he truly seeks permissionless decentralized blockchain technology.
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