During a discussion on September 7th with Dan Roberts, Dion Rabouin and Rick Newman from Yahoo Finance, Mark W. Yusko, the CEO of investment firm Morgan Creek Capital Management mentioned that he is very optimistic about Ethereum. According to Yusko, the future for Ethereum is still very bright!
Morgan Creek Capital Management, LLC, headquartered in North Carolina, is a privately owned investment manager. The firm primarily provides its services to individuals, trusts, investment companies, or pension plans. It manages client-focused equity and fixed income portfolios. It also manages hedge funds for its clients. The firm invests in public equity, fixed income, and alternative investment markets across the globe.
Last Friday, when debating the topic of Ether’s dramatic market drop, fraudulent ICOs and the recent cashing out of Ether by legitimate ERC-20 token projects, Yusko nonetheless argued that Ethereum has a bright future ahead of it.
The Morgan Creek CEO elaborated on his views by likening the current situation to the early days of the internet:
“People might say its six years from now well, It’s like 1993 or 1994 internet when Google was just being thought off, and nobody thought it was important.”
Yusko furthermore mentioned that the next step for Ethereum will be building the TrustNet. He went further, arguing that Ethereum’s protocol, in regard to building the TrustNet, is much the same as the internet protocols TCP/IP, SMTP, and HTTP.
He also argued that Ethereum’s protocols are laden with value, which makes ETH important and likely to be profitable for investors in the future. In his view, there is one fundamental difference between Ethereum and Bitcoin: Bitcoin he explained, is an application that runs on the blockchain whereas “Ethereum is different, think of it as the World Wide Web of the TrustNet.”
Dion Rabouin, at a certain point during the debate, also mentioned the “Wolf of Wall Street” Jordan Belfort’ and his negative views on the cryptocurrency space. The Former penny-stock broker Jordan Belfort spoke on CNBC in August. Belfort spent nearly two years in prison for scamming investors and according to him, Bitcoin is the next trap that could leave some retail investors penniless.
“I was a scammer. I had it down to science, and it’s exactly what’s happening with bitcoin, The whole thing is so stupid, these kids have gotten themselves so brainwashed.”
Yusko, who is also the President and Chairman of the Investment Committee of The Hesburgh-Yusko Scholars Foundation at the University of Notre Dame, seemed to maintain his optimistic approach – remarking:
“The problem is [Jordan Belfort] was talking about ICO’s, not Bitcoin (BTC) neither Ethereum (ETH) but he was talking about utility tokens, and some of the utility tokens were a scam. Anywhere where there’s capital, bad people are going to show up.”