Morgan Creek Capital Management CEO and founder Mark Yusko is a firm believer in the future of Bitcoin (CRYPTO: BTC) and has choice words for crypto critics like Warren Buffett.
What Happened: Yusko started buying Bitcoin in 2018. Today, he predicts Bitcoin could hit six-figures in 2024 and increase substantially in the future. But it took awhile to convince other investors that there was value in the leading cryptocurrency, and it wasn’t just used by criminals.
Buffett, who is CEO of Berkshire Hathaway Inc (NYSE: BRK-A)(NYSE: BRK-B), once referred to Bitcoin as “rat poison squared” and has said he wouldn’t spend $25 on all the Bitcoin in the world combined.
In an interview on “The Raz Report,” Yusko praised Buffett as a “mad genius,” but didn’t hold back when asked why Buffett is against Bitcoin.
Buffett was able to create an investment vehicle that doesn’t ever pay taxes and borrows money from his customers at negative rates, Yusko explained.
And Berkshire’s insurance business is used to fund other investments. “He’s leveraging his underlying portfolio,” Yusko said.
Buffett also buys high cash flow assets. For example, Buffett bought shares of Wells Fargo & Co (NYSE: WFC) not because ...