A bankless world is inevitable due to the “natural evolution of technology,” according to a top executive at multi-billion dollar investment manager, Morgan Creek Capital.
The firm’s CEO Mark Yusko believes that a “silent revolution” powered by cryptocurrencies like Bitcoin (BTC) will eventually lead the world to a bankless society.
In an Oct. 13 interview with Brazilian Dash-focused YouTube channel Dash Dinheiro Digital, Yusko said that people around the world will, in time, be able to “bank themselves through crypto.”
Despite his claims regarding a bankless society, the CEO noted that he does not mean banks will disappear entirely, stating:
“We will still need banks to do lending, digital currencies, or digital fiat to go along with crypto at the core. But the idea that we’re moving to a global borderless world, and nation-states will become less important, global systems will become more important, and you can be a citizen of the world as opposed to a citizen of a single nation-state.”
Yusko is the founder, CEO and chief investment officer of Morgan Creek Capital Management. The company was founded in 2004 to provide investment management services to institutions and wealthy families as well as discretionary strategies to assist clients in building investment programs.
Morgan Creek Capital is known for running a dedicated digital asset investment business known as Morgan Creek Digital. The subsidiary is co-founded by Yusko and Anthony Pompliano. In August 2020, Pompliano predicted that Bitcoin will eventually capture more of the market than gold, breaking the $400,000 threshold.