Hedge Fund Veteran Mark Yusko Warns Of Looming Sinister Threat To The Crypto Industry

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Mark Yusko, CIO of Morgan Creek Capital, says the crypto industry faces a grim threat that investors may want to watch out for.

In a new interview with Blockworks, the crypto veteran says the digital asset space is at the stage where it looks like other breakthrough inventions before facing aggressive opposition from those in power.

It applies to the famous crypto phrase of Mahatma Gandhi “First they ignore you, then they laugh at you, then they fight you, then you win”.

“I’m not going to go all the way with the disaster, but we talked about it again and again. We are in the “so they fight you” stage. From 2009 to 2015… [It was] “First they ignore you.” They said “a bunch of nerds and geeks playing with their magic money on the internet, who cares?”

From 2016 to 2021 it was “so they laugh at you”. “A bunch of nerds and geeks playing with their magic money on the internet, ha ha ha ha, not real.” 2022 to 2027 unfortunately, probably, [is] ‘then they fight you.’

Yusko says banks, regulators and other powerful figures could try to sabotage the industry, and speculates that FTX CEO Sam Bankman-Fried’s various attempts at crypto legislation could have been influenced by others in the industry. behind the scenes.

“I’ll take the other side. SBF is the brain of nothing, Caroline [Ellison]… They’re not brains, they’re useful idiots. This legislation did not come from him, it came from above. That’s what incumbents, banks and regulators are trying to do… Undo this incredible technology that replaces trust with truth.

It’s a monster, monster transition that’s going to happen.

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