Hedge fund manager Mark Yusko believes cryptocurrencies will generate “untold wealth” by powering the Internet of Value.
By laying the foundations of the Internet of Value, cryptocurrency and blockchain will generate more wealth than Web 1.0 and Web 2.0, said Mark Yusko, CEO of Morgan Creek Capital, in an exclusive interview with Cointelegraph.
“We haven’t even gotten to the parabolic growth part of Web 3, which is going to create untold wealth,” stated Yusko.
In his career as a hedge fund manager, Yusko profited from investing in early internet technologies. He embraced cryptocurrency in 2017 after realizing their potential to power the Internet of Value — a new iteration of the internet that will allow users to exchange value directly bypassing financial intermediaries.
In comparison with the previous iterations of the internet, which revolutionized the spheres of commerce and media, the “trust net” — as Yusko called it — will generate an exponentially larger amount of wealth.
“Financial services is far bigger than information and media and commerce,” he pointed out.
However, Yusko is convinced that before entering a phase of parabolic growth, the crypto industry will need to overcome the opposition of traditional financial actors and possibly face another major correction.
“The incumbents really don’t want the disruptors to win, so they will fight really hard. They’ll throw up regulatory barriers — they’ll try to buy up the companies and shell of the technology,” he said.